How to renew the import-export code?
It is essential to update every data of a company to remain relevant in business. The information includes branch details and business activity status like whether you are a manufacturer or merchant in the Import Export Code. If your information is not updated or incorrect, it may lead to bad consequences during the import-export process due to data mismatch in DGFT and customs. You can modify all your details as and when you make changes while renewing your import-export code. You can add branch details, make an address change, change PAN card number, a director change, delete or add partners, and many more.
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What All Information Can You Change?
- Addition/alteration/ deletion of partner or director for any partnership firm or private limited company.
- Bank details update/modification
- Company address or registered office address.
- Change in Company Name
- Change in Business activities
- Change in the registered mobile number and email id.
- Registered Branch details or add Branch
Documents Required for Import-Export Code Renewal
- Experience
- GST Certificate
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- Cheque
- Cancel cheque
- Certificate
- Company MOA/ AOA/ Incorporation certificate
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- Partnership deed / LLP deed
- Register Now
- PAN card
- Aadhar card
- signature
- Digital Signature Certificate
Advantages of IEC for Import Export Businesses
International Market Reach
You can take your business to the international market with the help of your Import Export Code. Additionally, this will also increase your revenue and boost your growth in business.
Niryat Bandhu Scheme
The main objective of this Niryat Bandhu Scheme of DGFT is to help Entrepreneurs, Exporters, Importers, and students of this Subject to provide them support and assistance in learning and issuing certification in Export & Import Management.
Minimises the Risk of Illegal Transportation
Import-Export Code helps you in protecting you from all illegal transportation or fraudulent imports and exports. IEC registration is a centralised registration which is used by officials to supervise and manage the transaction efficiently at all levels of business.
Benefits of Schemes
An import-export code registered business entities are qualified to avail of benefits or subsidies declared by the Customs, Export Promotion Council and other authorities. After filing LUT under GST, the exporters do not need to pay taxes to make exports. Moreover, the exporter can claim refunds of the paid tax amount, if the exports are made by payment of taxes.
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Additionally, the companies registered with the import-export code can also avail of benefits offered by customs, the Export Promotion Council, and the Director-General of Foreign Trade.
