Consumers of today are more willing than ever to investigate products made elsewhere in the world and purchase them, opening up new opportunities for increased global trade. Indian exporters frequently choose e-commerce exports since they don’t need a lot of money up front to sell their products abroad.
IEC is one of the essential paperworks to start a global business, though. The Directorate General of Foreign Trade (DGFT) issues IEC code (Import Export Code), which is immediately used on the DGFT website.
After successfully submitting the required papers for IEC application, you can check the status online.
What is IEC status?
The Director General of Foreign Trade (DGFT), Department of Commerce, Government of India, issues a 10-digit identification code known as the Import Export Code (commonly referred to as the IEC code).
This is also known as the Importer Exporter Code. Organisations and businesses must receive this code in order to start a business that deals with imports and exports on Indian soil. Thanks to a system developed by DGFT, exporters now have a way to monitor the development of their application for an IEC status certificate.
Paperless transactions were encouraged, and procedures were made easier. A company’s PAN determines the assignment of its unique 10-digit alphanumeric importer-exporter identification code, or IEC.
In India, whether importing or exporting, IEC code must be used. Unless specifically exempted, neither a person nor a business may import or export anything without a valid IEC number.
How to track IEC status?
Users can track their IEC status using the DGFT website in one of two ways:
• To find out if the IEC is registered at the DGFT headquarters, a PAN card-based IEC check is conducted.
• To confirm that the IEC has arrived at the ICEGATE site, the user must submit their IEC and complete the captcha as it appears on their screen.
• The processing in this case will be completed in four days.
• Make any necessary changes to the application, then resubmit it. It is not necessary to pay.
• Before ICEGATE approves the user’s application, three days must elapse.
• As a result, the IEC code is ready for usage.
How do I check the drawback status of an IEC application?
If exporters are eligible for a refund or drawback against their shipping costs, they can check the status of their claim on the ICEGATE website. The following procedures can be used to determine the drawback status in respect to your IEC code application:
• On the ICEGATE interface, after logging in, click the ‘Services’ tab. Choose a user type.
• From the list of services indicated, select the suitable disadvantage investigation.
• Fill out the application form with your registered PAN number, date, location, and IEC code.
• After sending the form, select “View Drawback Status.”
• If you have a drawback outstanding against the shipping bill, select the “Drawback Pending” status. If your drawback amount has been sanctioned, select the “Drawback Sanctioned” status.
How can I find out the status of the DGFT’s IEC verification?
1. Select the ‘Services’ tab on the ICEGATE website. Choose the appropriate user type from the drop-down option.
2. Decide between BIN and IEC status.
3. To check if your code has been received at the DGFT corporate office, click IECode@DGFT. When you select your query to examine the status of the IEC code verification, you will be directed to the DGFT website.
4. You can ask for help by getting in touch with the ICEGATE or DGFT helpdesk teams.
IEC challans: How are they tracked?
Exporters can look up the history of their challans on ICEGATE. The steps to follow are:
1. Select the e-payment option on the ICEGATE portal home page.
2. Type the IEC code and additional details.
3. After the custom e-payment gateway page has loaded, you may look through the history of recent transactions as well as abandoned transactions.
Do you have a DGFT versus IEC Customs licence?
To check the status of your DGFT customs licence in relation to your IEC code, you can do the following things:
1. Select the appropriate user type under the ‘Services’ option on the ICEGATE site.
2. Pick DGFT services from the list of services offered.
3. Select “IEC status based,” then fill out the form with your IEC number and other details.
4. You will be directed to a page that lists all the licences after submitting the form.
How do I compare the IEC status to the ROSL state?
Exporters who export manufactured items covered by the RoSTCL scheme (Rebate of State Levies Scheme) may be eligible for a rebate, depending on the type of commodities. The following actions should be followed to compare your IEC’s ROSL status:
1. By choosing the ‘Services’ option, choose the suitable user type.
2. Select “ROSL sanctioned status” to bring up an application form.
3. Provide the location, IEC code, and PAN details.
4. Click the “ROSL Sanctioned Status” button to see a list of all shipping bills, their respective ROSL statuses, and the refund amounts related to each.
Benefits of IEC Registration: Reach in the Global Market
The IEC registration makes it possible for the traders to broaden their sphere of influence and advertise their goods internationally.
Since the entire registration procedure is done online, traders can register without any problem. For this, a common portal is employed. A condensed list of the documents needed for registration is included in the registration form’s attached document.
It is not necessary for importers or exporters to file annual or monthly returns once they have registered themselves. The additional incentive provided by the code makes things more simpler for the registered organisation or individual by removing the burden of ongoing compliance requirements. Additionally, annual maintenance fees are not required.
The Indian commerce market has expanded tremendously since people first learned about the idea of exchanging goods. As globalization started bringing commodities from other nations into India, the import-export sector started to pick up steam and the demand for imported and exported goods continued to rise.
When items are cleared through customs and money is sent overseas, importers need export import codes. Knowing when goods are delivered and funds are deposited into exporters’ bank accounts is crucial.