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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. For services exports however,
IEC shall be not be necessary except when the service provider is
taking benefits under the Foreign Trade Policy.
Consequent upon introduction of GST, IEC being issued is the same
as the PAN of the firm. However, the IEC will still be separately
issued by DGFT based on an application. The nature of the firm
obtaining an IEC may be any of the follows- Proprietorship,
Partnership, LLP, Limited Company, Trust, HUF, Society.
IEC may be applied on behalf of a firm which may be a Proprietorship, Partnership, LLP, Limited Company, Trust, HUF, Society. Firm must have a PAN, bank account in the name of the firm and a valid address before applying. Address may be physically verified by the DGFT on issuance of the IEC. Please keep your PAN, bank details and firm details ready before applying.
Steps involved in IEC (Import/Export Code) registration
The nature of the Firm obtaining an IEC may be any of the follows
The list of scanned documents required for IEC Registration is listed as follows
Note : In case the address proof is not in the Name of the applicant firm, a no objection certificate (NOC) by the firm premises owner in favor of the Firm, along with the address proof, is to be submitted as a single PDF document.
In February 2021, the DGFT amended the importer exporter regulations by making iec code renewal mandatory for all IEC Number holders. IEC Number is a business identification number allotted to all importers and exporters in India. If you do not have an IEC number, you cannot trade outside of India. Before 2021, an iec code issued once remained valid for the entire lifetime, so it was easier to manage import export business in India. This Article focuses on the reasons why iec code renewal was introduced and how one can get an iec update. Lastly, the consequences of non – renewal of iec code are also discussed.
Before 2021, your iec was valid for the entire span of your business once you completed the iec application process. Hence, it was not mandatory to get iec updated each year. However, this led to a lot of issues because the details of iec certificate remained old, when any changes to the firm were made. IEC code renewal is therefore important for the following reasons.
Also Read: Import Export Code Registration: Process, fees, status of IEC in India
How to renew IEC Code?
Go to the DGFT portal by clicking here.
This is a mandatory step, if you do not have an account, you need to register as a new user before you get access to iec renewal.
Go to the “IEC Portfolio Management” from drop-down in “registrations” and select “update iec” option from the new page.
Since the entire IEC application online process is made accessible by the DGFT, all people who acquired their IEC certificate offline, need to link existing iec to the new portal. To update iec, first you have to link iec, if not done yet. You can link your iec by entering the iec number in the dialog box and by verifying it with ‘link iec OTP’.
Once you successfully link your iec to the DGFT portal, you can update/modify your iec from choosing the form. Once you click on ‘update iec’, a form with all existing details of the IEC certificate will appear. You can choose the details in IEC that need modification and then get iec update accordingly.
Once you update iec details for iec renewal, you need to complete the process by verifying iec certificate through Digital signature certificate or Aadhar. Once you submit the iec update form, your iec renewal will be complete.
While IEC renewal yearly is mandatory, you get the chance to update all the information that you have submitted to the DGFT portal. You can modify the following information while updating iec certificate:
Also Read: Documents required for IEC Code Application
As we know, it is mandatory to update iec code between April to June
each year for the financial year. The last day to apply for iec
update is 30th June. Hence, if you want to carry on your import
export business without any hassles the best solution is to get iec
update in a timely manner. The consequence of non-renewal of IEC
code is deactivation of the iec certificate. Once your iec
deactivates, you will need to get iec update to reactivate your iec
number again.
However, when your iec deactivates, you cannot conduct any import or
export trade of any goods, unless your business falls under
exemptions of IEC requirements. Hence, it is very important for
traders to get timely iec update!