Import Export Code Modification

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Import Export Code modification

IEC Registration Modification

Any modifications to your import-export firm must be reflected in your IEC registration and intimidated with DGFT. IEC modification is the process of altering the data that was submitted for IEC registration. Using an online application, you can change the following information.

1. Changing the name of your company

2. Modification of the registered office's address

3. Modification of information about the proprietor, partner, or director

4. Change in the type of company operations

5. Changing bank information or a registered cellphone number
For the updating process, you must submit a PAN, an Aadhar card, and a document with the updated information.

Import Export Code (IEC): How to Apply and Its Advantages

Everyone wants to expand their firm outside of the domestic market in this era of fierce competition. The development of the internet and technology has made doing business internationally easier in recent years. However, before expanding your business internationally, you must adhere to a number of rules and regulations and obtain the necessary licenses and registrations. One of these requirements when considering imports into or exports from India is an IEC (Import Export Code) authorization. Another name for it is Importer-Exporter Code.

Anyone wishing to launch an import/export firm in the nation must have an IEC (Import Export Code). The Director General of Foreign Trade, or DGFT, is the one who issues it. The 10-digit IEC code is valid for a lifetime. Predominantly importer merchants cannot import products without the Import Export Code and similarly, the exporter merchant cannot avail benefits from DGFT for the export plan, etc., without IEC

Conditions in which IEC is necessary

1. The customs officials require it when an importer needs to clear his shipments from customs.
2. The bank requires the money that an importer sends overseas through banks.
3. The customs port requires it when an exporter has to transmit his shipments.
4. The bank requires it when an exporter receives foreign cash immediately into his bank account.

The advantages of being registered with IEC

1.Business expansion IEC helps you open up the world market for your goods or services and expand your company.

2.Utilizing a number of advantages
On the basis of their IEC registration, the companies were able to receive various benefits related to their imports and exports from the DGFT, Export Promotion Council, Customs, etc.

3. No filing of returns
IEC doesn't require any returns to be filed. Once granted, there is no need to adhere to any kind of procedure in order to maintain its legality. It is not necessary to file any returns with DGFT, even for export transactions.

4. Simple processing
Getting an IEC code from the DGFT is quite simple and takes 10 to 15 days after the application is submitted. To obtain an IEC code, no documentation of imports or exports is required.

5. No need to renew
An entity's IEC code is valid for its whole existence and doesn't need to be renewed. Once acquired, an entity may use it to counter all import and export transactions.

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How can IEC Modification be completed?

1. Give our web gateway the necessary company information and details.

2. To change IEC details, speak with our business advisor.

3. Select a package and make an online payment using one of the offered methods.

4. A modification application will be prepared by our professional and submitted on the DGFT portal.

5. The IEC modification acknowledgment must be given upon application submission.

6. A new IEC certificate will be issued following a successful verification.

Documents Required

1. The IEC Certification

2. Documentary Evidence of Modifications

3. An explanation of the change

Situations in which the Import-Export Code (IEC) is not required

IEC is not required for all traders registered under GST, per the most recent government circular. In each of these situations, the trader's PAN will be interpreted as a new IEC code for import and export purposes. If the products are being imported or exported for personal use and are not being used for any commercial purpose, the Import Export Code (IEC) does not need to be taken. It is not necessary for Notified Charitable Institutions and Government of India Departments and Ministries to obtain an Import Export Code in order to export or import.

Disclaimer: All information presented here is intended only for informational purposes. Using the website or its contents does not establish a lawyer-client relationship. Legal or professional advice is not provided by the content on this website. It should not be utilized for such purposes or as a replacement for legal counsel from a state-licensed attorney.

1

Gathering of Records: For the purpose of gathering documents and preparing the HUF Deed, our representative will get in touch with you.

2

Signing deeds: The HUF draft will be finalized by the Karta and other members, and then it will be signed by members and stamped.

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Prepare, HUF: We will handle your HUF's bank account, PAN card, and HUF creation. We also assist with HUF compliance when needed.

Frequently Asked Questions (FAQs)

Is IEC required?

Indeed. When importing into or exporting from India, an Importer-Exporter Code (IEC) is required. For a company engaged in import/export, it is an important business identity number. Unless otherwise exempt, a person or entity cannot import or export without first obtaining an IEC. IEC is not required for exporting services, nevertheless, unless the service provider is benefiting from the Foreign Trade Policy.

Why does the IEC need to be updated or revised annually?

Maintaining correct and current business information with the Directorate General of Foreign Trade (DGFT) requires updating the IEC every year between April and June. If this isn't done, the IEC might be disabled, which would stop any import or export activities. Frequent updates assist prevent disruptions in global business operations and guarantee adherence to trade regulations.

What information is subject to change throughout the IEC amendment process?

When updating their IEC, businesses can change a number of details, including their registration and branch addresses, contact information (including email addresses and cellphone numbers), bank account information, director or partner information, and the kinds of business operations they engage in. Keeping this data up to date promotes correct documentation and seamless import-export processes.

What is the annual deadline for updating the IEC?

Every year, between April and June, the Importer Exporter Code (IEC) needs to be modified in accordance with the fiscal year. The IEC upgrade must be finished by June 30th. In order to be in compliance and prevent their IEC from being deactivated, businesses should adhere to this schedule.

In order to change the IEC, which documents are required?

A photo of the applicant, the entity's self-attested PAN card, proof of address (such as a sale deed, rent agreement, or utility bills), and a pre-printed cancelled check or bank certificate to confirm bank information are usually needed for IEC amendment.

How do I go about updating my IEC using Legal Vedas?

Legal Vedas provides professional advice and efficient services to help businesses with the IEC modification procedure. You can get individualized help from their team of experts to effectively navigate the IEC updating process, guarantee compliance, and minimize interruptions to your global trade operations.

What occurs if the deadline is missed and the IEC is not updated?

The IEC certificate will be deactivated if updating the IEC is not completed by the deadline of June 30th. Unless the company is free from IEC rules, a deactivated IEC forbids import or export activity. The timely renewal of the IEC must be given top priority in order to prevent interruptions in commercial activities.

What is the recommended update frequency for the IEC?

Whether or not the business facts have changed, the Importer Exporter Code (IEC) needs to be updated every year. It is required that this yearly update be finished within the allotted time frame of April through June.

Can an IEC that has been deactivated be restored?

Yes, if the details are successfully updated, a deactivated IEC can be reactivated. However, other FTP provisions must be followed in order for the reactivation process to proceed, and failure to do so may result in further sanctions or proceedings.