Check IEC Status Online
We may claim that import and export activity has increased like never before, with the globalization phenomenon reaching its pinnacle and completely changing the game. Many new enterprises are joining the company every year, with government help increasing year after year in order to gain a competitive advantage and expedite the country’s growth.
Many local firms and players are shifting to the international market to get access to a bigger customer base and increase their company and revenue margins, while the export and import industries are flooded with competition.
Because India is a larger market with a higher number of consumers or purchasers, foreign corporations are growing their operations there. India is one of the world’s largest markets, with a plethora of both domestic and foreign companies. This entails looking at local brands and business houses in order to go beyond regional boundaries and get access to worldwide markets.
In order to do so, they need be able to export their goods or services to other countries and markets. The IEC code, or Import-Export Code, was designed by the Indian government to control and simplify company export transactions.
The Importer-Exporter Code (IEC) is a necessary company identifying number for exports and imports.
Without initially acquiring an IEC Number from the DGFT, no one may import or export. The IEC is only necessary when a service or technology provider uses the Foreign Trade Policy or is dealing with certain services or technologies while importing or exporting services or technology.
Corporations that apply for IEC include limited liability partnerships, partnerships, trusts, limited companies, HUFs, and societies. The IEC number is the same as the firm’s PAN as a result of the GST implementation. The IEC would be issued by DGFT separately.
Pre-Requisites for Applying for IEC
IEC can be used for a single proprietorship, a partnership, a limited liability partnership, a limited company, a trust, a HUF, or a society.Before applying, the company must have a PAN, a bank account in its name, and a valid location. On issuing of the IEC, the DGFT may physically verify the address. And also prior to the applying, please ensure and have your PAN, bank account information, and information pertaining to the firm ready andhandy.
Advantages of International Trade or Export Import
– It aids the firm in increasing income by providing access to new markets and consumers from other nations.
– Due to the currency rates and the pricing stability provided in other nations, there will also be a bigger growth in revenue.
– When an organisation enters a nation where your firm is in a specialised category, there will be no or few domestic participants in the industry, allowing you to boost your chances of capturing the market and consumers.
– Exporters will have access to financing options with reduced interest rates, which will help them save expenses.
– Other arrangements, such as free trade agreements, can assist you get access to overseas markets as an exporter or importer at the lowest feasible cost.
Renewal Requirement of IEC Certificate
Globalisation is at its peak right now, and corporations are becoming more active in import and export. Exporters might participate in exporting operations despite having a respectable market in their home nation because of higher profit margins or the scope of their products in other markets. They also engage in importing operations in order to get lower-cost raw materials or completed items, allowing them to increase their profit margin.
The IEC Certification, which is the Import Export Code that authorises the international commercial exchange of commodities or things, is becoming increasingly significant as a result of the increased involvement in import and export activity. The primary focus of this article is on the requirement to renew this certificate in order to continue or increase export and import operations.
Is there an Expiry for the IEC Certificate?
Throughout the life of a business, there will be several occasions when the owner of the firm will need to edit any existing information as a result of a modification, he made to the original information relevant to the business for various reasons. Some examples are as follows:
- Change in the company or entity’s name
- Change in the entity’s email address from what is given on the IEC Certificate
- Change in the company or entity’s cell phone or contact number from what is listed on the Certificate
A renewal or update of the IEC certificate is required every year, according to Notification No. 58, which was published on the 12th of February 2021. And this must be done between April and June, with failure to do so resulting in the deactivation of the exporter’s or importer’s IEC Certificate.
What are the Advantages of Obtaining IEC Code DSC?
The following are some of the advantages that can be obtained by obtaining the IEC Code Digital Signature Certificate:
- It will help the applicant save money and also the time as there will be a simplification of the process allowed and also the process will be made faster.
- Using the IEC Code Digital Signature Certificate is one of the safest and also secure ways which can be used for authenticating one’s identity online.
- The person or the applicant who is submitting the application for a license need not ensure their presence physically for proving their identity with the concerned authority.
- The government and allied departments can digitize their records and thereby increase the efficiency of the system.
- The threats which arise from providing identity online and also the use of the same for any other illegal activities can be kept at bay as these are encrypted and highly secured.
- There is an addition of convenience and it helps the applicant save money along with time and effort as stipulated before.
- The DGFT website provides its applicant with a 50% discount on the license fee if the application for the same is submitted online.
Checking Status of IEC Application Online
The Importer Exporter Code (IEC) is applied for and changed using an online platform. DGFT has discovered that in certain situations, even after DGFT has issued an IEC, the IEC data supplied by DGFT to ICEGATE (Customs) is not recognised by ICEGATE (Customs) owing to communication faults. As a result, the IEC holder is unable to use this IEC to export or import.
And also resulting from that, a facility has been established to check the present condition of the IEC application and the status of the IEC transmission to ICEGATE in order to detect and rectify such issues as soon as possible.The PAN used in the IEC application to DGFT is utilised in the status enquiry.
The option to examine the status of an Import Export Code (IEC) application may be found on the DGFT website under Online Application IEC Know your IEC Status or by going directly to http://184.108.40.206:8100/IecStatusReport/.
To check the status, enter your PAN number and the first three letters of your firm’s name. Actions should be made based on the state presented, as listed below:
|1||The DGFT has received your application||Allow 4 days for RA processing|
|2||Application to the IEC was turned down or rejected||Please re-submit your application when you’ve addressed the RA’s concerns. The charge will not have to be paid again|
|3||IEC has been sent to ICEGATE, but it has yet to be approved||Wait three/3 days for the IEC to be approved by ICEGATE|
|4||IEC was accepted by ICEGATE after successfully registering with DGFT||The IEC is ready to use|
If the status at Si no 4 is not displayed, the applicant should verify status of IEC at ICEGATE 3 days after transmission at https://www.icegate.gov.in/EnqMod/ and, if necessary, notify the matter to Contact@DGFT. Please be aware that IECs are only ready for import/export of products once their information has been successfully registered with DGFT and accepted by ICEGATE (Customs).