A ten-digit number assigned by the Director-General of Foreign Trade served as the Import Export Code before 2017. An IEC is required for every company that transacts internationally. To streamline business operations for taxation purposes, the Goods and Services Act came into effect in 2017. The international trade policy was modified by the administration to accomplish this goal. The Goods and Services Tax Identification Number (GSTIN), which had been modified, became the IEC. The resulting change made the IEC code reliant on the company’s tax identification number.
However, permitting only GSTIN to be utilised instead of the IEC has a few practical difficulties. Using it as the only parameter still can be problematic since all firms don’t need a GSTIN until they reach the necessary revenue criteria. As a result, the PAN of the entity was granted permission to be used as an IEC by the Director-General of Foreign Trade (DGFT). As a result, the IEC issued by the DGFT has similarities to the entity’s PAN.
Acquiring the Importer Exporter Code( IEC) is the initial step whether you are a prospective business proprietor or an established business exploring to grow into a global market. This essential document is published in India by the Directorate General of Foreign Trade( DGFT). In the following article, we are going to explain and provide introductory, step-by-step directions to download the IEC certificate from the DGFT site. While we assist you throughout the procedure, prepare yourself for flawless transnational trade opportunities.
What Is IEC Code, and When Is It Necessary?
In India, it is required to have a current IEC certificate for the purpose to carry out import-export operations. Several circumstances require submitting an IEC certificate:
- In India, at the customs, to import commodities.
- In India, at customs, exporting commodities.
- To receive payments relating to foreign trade at the banks.
- While sending money to a foreign bank at the bank.
As you can see, an IEC certificate is required at every major stage of the worldwide trade of commodities. That being stated, the yearly renewal of the IEC certificate will become mandatory in 2021. It also helps the DGFT in maintaining an up-to-date record.
How to Download an IEC Certificate from the DGFT Site?
To download an IEC certificate online, you have been obligated to apply for an IE code through the DGFT portal. Once you submit the application form and the supporting documents required for the registration for an IE code, the registration procedure is completed. Implementing the steps listed below, one can download an IEC certificate by registering into the DGFT portal:
- Visit https://www.dgft.gov.in/CP/ for online IE code registration.
- Confirm the information to download the IEC certificate.
- PAN Number
- Name as per the PAN
- Date of Birth/Incorporation
- Latest file number without a slash
- Latest file date
- Enter the OTP that you will receive on your phone number and email address. Following the completion of the CAPTCHA, submit your details.
- Your PAN card number has to be provided in the newly opened window; the email address and contact number will automatically populate using the PAN card number.
- Enter the received OTP to your registered mobile number and email address before submitting.
- Click the “Print” button that will be displayed on the right edge of the window to print IEC online.
- The benefits associated with IEC registration from government agencies are able to be immediately accessed right away as you download the IEC certificate, allowing you to easily conduct business all over the world.
Conclusion
If you are a newcomer to the Import-Export industry, keep in mind that IEC confirms the highest priority from a legal standpoint. Without this licence, exporters and importers in India would be unable to legally do EXIM business operations. Once obtained, this licence remains valid till the business exists; you are not required to renew it regularly. At Taxxinn, we help you to get an IEC certificate with ease.
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