IEC CANCELLATION - IMPORT EXPORT CODE




IEC CANCELLATION - IMPORT EXPORT CODE CANCELLATION APPLICATION FORM

IEC CANCELLATION PROCEDURE

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IEC RELATED SERVICES

IEC REGISTRATION

Apply for new IEC - IMPORT EXPORT CODE Registraion Certificate @1499 rupees only and get your registration certificate with in 3 to 5 Hours.

IEC AMENDMENT

Edit, change or update your existing IEC-IMPORT EXPORT CODE Certificate @1499 rupees only and get the updated certificate with in 2 to 5 days.

IEC SURRENDER

Apply for cancellation of your existing IEC-IMPORT EXPORT CODE Certificate @1499 rupees only and get the Cancellation order with in 2 to 5 days.

IEC REGISTRATION BENIFITS

Advantages of IEC for Businesses

Businesses have great options through import and export business to unlock the international market for their product or services they are involved in. The IEC code is the main requirement to enter into international market which supports the growth and development of the business to a certain standard. Here are the Benefits or Advantages of IEC Registration for Businesses.

Global Market Reach

As said, it is the primary requirement for the import into and export from India for the goods and specified services which enables the businesses to unlock the opportunities across the globe in international business market. It increases the global reach of the business and hence opens door for growth and expansion.

Online Registration

Obtaining IEC is complete online process through its common portal. The online IEC registration application makes hassles little with simplified documents list attached therewith to support the application.

Simple Document Requirement

The Import – Export Code can be obtained by any business entity or an individual. Below are the mandatory documents that are required for the Import Export Code Registration.

  • PAN Card of the Applicant
  • Passport Size photograph of the applicant
  • Cancelled Cheque
  • Address proof of the Business

PAN Based Registration

The Code is provided based on the Permanent Account Number of the business organisation. Therefore, the registration is not required based on place of business rather, a single business entity may require only one registration. As and when the business is dissolved, the registration is also revoked or surrendered.

Life Time Validity

IEC registration is permanent registration which is valid for life time. Hence there will be no hassles for updating, filing and renewal the IEC registration. It is valid till the business exists or the registration is not revoked or surrendered.

Benefits of Schemes

IEC code has huge benefit for importers as well as exporters. The registered business entities would be able to avail benefits in form of subsidies or otherwise declared by the Customs, Export Promotion Council or other authorities. After filing LUT under GST, the exporters can make exports without payment of taxes. In case the exports are made with payment of taxes, the exporter is able to claim refunds of the amount paid as tax.

No Compliance

Unlike other tax registrations, the importer or exporter does not require to fulfil any specific compliance requirement such as Annual Filings or return filings. The code possesses no need of compliance after registration.

No Annual Maintenance

As there is no compliance listed, there is no requirement of annual maintenance fees to be paid after obtaining this code. There is no requirement of filings or renewal of the registration for each Financial Year or otherwise.

Legally Clean

Obtaining the code is the license for importing and exporting goods and services for business purpose. It is a chief legal license that makes the cross border transactions easy and legal.

Reduces the risk of Illegal transportation

IEC helps to eradicate the illegal transportation or illegal exports and imports. The centralised registration helps the officials to supervise and better administer the transactions undertaken as a part of cross border business. The accountability of prohibited or restricted transactions is apportioned well.

Conclusion

Obtaining Importer Exporter Code is mandatory before commencing activities of Import or Export. Unless one has obtained this registration, the goods or specified services cannot be imported into or exported from India. The applicant engaging into exports is also required to get registered under GST as specific category of registration is specified under the law. The necessity of IEC registration cannot be neglected as it is mandatory in nature.

IEC REQUIRED DOCUMENTS

Document Requirement

The Import – Export Code can be obtained by any business entity or an individual. Below are the mandatory documents that are required for the Import Export Code Registration.

  • PAN Card of the Applicant
  • Passport Size photograph of the applicant
  • Cancelled Cheque
  • Address proof of the Business

IEC FREQUENTLY ASKED

IEC Code is unique 10 digit code issued by DGFT – Director General of Foreign Trade , Ministry of Commerce, Government of India to Indian Companies. to operate import export business in India.

IEC is a 10 digit code number, which is issued by the Director General of Foreign Trade (DGFT). It is required by any person who is into import/export business in the country.

Henceforth (with the implementation of GST), PAN of an entity will be used for the purpose of IEC, that is IEC will be issued by DGFT with the difference that it will be alpha numeric (instead of 10 digit numeric at present) and will be same as PAN of an entity.

An Importer -Exporter Code (IEC) is a key business identification number which mandatory for export from India or Import to India. No export or import shall be made by any person without obtaining an IEC unless specifically exempted.

Import Export License Fees / Cost to get IEC Code in India As per the latest notification, IEC code Application fees is Rs 500/- which can be paid online through e-wallets/Net Banking/Credit or Debit Cards. Therefore the Government Fees or Official fees to get IEC Code in India is Rs. 500.

According to the latest circular issued by the government, IEC is not mandatory for all traders who are registered under GST. In all such cases, the PAN of the trader shall be construed as a new IEC code for the purpose of import and export.

So, any person who has a PAN card and wants to start the import/export business can apply IEC code for individuals. It is not necessary to own a company or have a registered company name to obtain IEC from DGFT

Exporters having a valid IEC code and Internet Banking account with CENTRAL BANK OF INDIA can make use of online payments to DGFT. This facility is available only for the Online filed license applications with DGFT. Register NOW for Central Bank of India’s Internet Banking Facility and make your DGFT payments ONLINE!!

The status query is based on PAN used in IEC application made to DGFT. The facility to check status of Import Export Code(IEC) application can be accessed from DGFT website using Online Application → IEC → Know your IEC Status or directly from http://164.100.128.145:8100/IecStatusReport/

IEC registration, once taken, is valid for a lifetime. However, DGFT, vide its notification number 58/2015-2020 dated 12th February 2021, has amended the IEC-related provisions under chapter 1 & chapter 2 of the Foreign Trade Policy.

IEC or Importer Exporter Code is a unique 10-digit alpha numeric code issued on the basis of PAN of an entity. Question: Why is IEC required? To import or export in India, IEC Code is mandatory. No person or entity shall make any Import or Export without IEC Code Number, unless specifically exempted.

However, you must know that IEC is not required if you are importing and exporting goods for personal use and it is not for any commercial usage. Also, any import and export done by the Government of India Department and Ministries and Notified Charitable Institutions don’t need the IEC

How much time will it take to get IEC? To be made to get the IEC certificate/ or number. As per DGFT for one business, Only one IEC would be issued against a PAN number. Time line to get the IEC is within 1 day from the date of online application

All exporters registered under GST can export goods or services without payment of IGST, on execution of LUT, except those who have been prosecuted for offence under any law where tax evade exceeds Rs 250 lakhs. The LUT is valid for whole financial year

U can apply for IEC with a saving bank account ,but u need a verfication letter from bank in a specified format that you hold a a/c in their bank since —– date and your photo must be attested by the bank people

An IEC holder has to ensure that details in its IEC are updated electronically every year during the April-June period. In cases where there are no changes in IEC details, the same also needs to be confirmed online. An IEC Shall be de-activated if it is not updated within the prescribed time.

The DGFT- Anyone looking to start an import/export business in the country must obtain an IEC (Import Export Code). The DGFT is in charge of issuing it (Director General of Foreign Trade). IEC is a 10-digit code that is valid for a lifetime.

For IEC Code Registration, the following documents are required: -Individual’s or Firm’s or Company’s copy of PAN Card. -Individual’s voter id or Aadhar card or passport copy. -Individuals or companies or firms cancel cheque copies of current bank accounts

Export businesses can mainly be classified into three categories: Manufacturing – Export Units, Export Traders and. Service Export Units.

2022, all IECs that have not been updated after 01.07. 2020 will be de-activated. In this interim time, the relevant IEC holders will have the ability to update their IECs until 31.01. 2022, after which the given IECs will be de-activated on 01.02.2022

IEC SAMPLE CERTIFICATE

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