Beginning with a brief explanation of what IEC is and who is required to register under it, we will discuss why it is essential that you renew your registration. Understand the complete process and essential details to renew your IEC Certificate through this article.
What exactly is IEC?
Any business person or trader who plans to import and export goods and amenities must obtain an import-export code, or IEC, from the central government. Any firm must register with the Directorate General, Foreign Trade (DGFT) body of the Central Government, which functions nearly like a PAN verification.
According to the most recent laws and regulations, starting on February 12th, 2021, every IEC holder business must renew their IEC code online in accordance with chapters 1 and 2 of the policy of Foreign Trade. Your IEC certificate could be suspended and revoked if you don’t accomplish this. Each business owner must therefore renew their Import and Export code license each year. Understand more about IEC(Import-Export Code) in detail at:
Why Is the IEC Renewal Important for Your business?
To put it simply, a business owner should renew their IEC every year if they want to run their firm with the fewest obstacles and government intervention. According to notification 58, which was released in February 2021, the import-export code must be renewed every year between April and May. According to the guidelines, renewal is required even if there are no modifications to be made.
Read the Notification in detail: IEC Code Requires Renewal Every Year, else De-activated
What Will Happen If you do not renew your IEC Certificate?
What might happen if a company doesn’t renew its import/export certificate? To begin with, the suspension of the code has already been mentioned. But it won’t end there. If a company’s IEC is revoked or suspended, it will be treated as if it never had one in the first place. If the trade carries on without an IEC license, it can eventually become completely inactive. As the IEC is required at almost every stage of an export or import transaction, from customs to shipping and international transactions, this can subsequently result in several complexity issues. Therefore, it is best to renew the IEC code wisely and online.
Stepwise Process to renew IEC Certificate
To renew your IEC (Import Export Code) certificate online, you can follow these steps:
- Go to the Directorate General of Foreign Trade (DGFT) website: https://dgft.gov.in/
- Click on the “IEC” tab under the “Services” section.
- Click on the “Online IEC application” link.
- If you already have an IEC certificate, click on the “Renewal” option.
- Follow the prompts to login to your account and complete the renewal application form.
- Upload the required documents and pay the renewal fee.
- Submit the application and wait for the DGFT to review and process it.
Keep in mind that you will need to provide certain documents and information when renewing your IEC certificate, such as your current IEC certificate, proof of business existence, and the details of your proposed exports or imports.
It is also important to note that the process for renewing an IEC certificate may vary depending on your location and the specific regulations that apply to your business. If you have any questions or need further assistance, you can contact our IEC Experts at 8881-069-069.
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