{"id":20182,"date":"2020-11-25T11:43:29","date_gmt":"2020-11-25T06:13:29","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=20182"},"modified":"2020-11-25T11:59:09","modified_gmt":"2020-11-25T06:29:09","slug":"online-iec-modification","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/online-iec-modification\/","title":{"rendered":"A Detail Guide to Complete IEC Modification Online"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Import Export Code (IEC) is a ten-digit identification number which is granted by the Director-General of Foreign Trade. Every organization and business owner must get this code to conduct a business of import and export in the country. Without <a href=\"https:\/\/corpbiz.io\/iec-registration\"><strong>IEC registration<\/strong><\/a>, companies would come across legal constraints while trading their product outside the nation.&nbsp;<\/p>\n\n\n\n<p>Conducting business globally isn\u2019t a simple errand. Before commencing international trade, one has to deal with various procedures and legal obligations to obtain different licenses and registrations. The IEC code is a must-have requirement for businesses who wish to trade their product globally. There are various stipulation and processes one has to address to get the IEC code. Additionally, there are specific conditions that you have to adhere to without exception.&nbsp;<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/online-iec-modification\/#Why_IEC_Modification_is_Essential\" >Why IEC Modification is Essential?&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/online-iec-modification\/#Online_Procedure_for_IEC_modification\" >Online Procedure for IEC modification&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/online-iec-modification\/#Various_Features_of_IEC_modification_in_India\" >Various Features of IEC modification in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/online-iec-modification\/#What_are_the_Benefits_arises_out_of_IEC_Modification\" >What are the Benefits arises out of IEC Modification?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/online-iec-modification\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_IEC_Modification_is_Essential\"><\/span>Why IEC Modification is Essential?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The outdated data of the company could lead to mismatching of\ndetails with DGFT &amp; customs. Therefore; it is important to update the data\nevery now and then to avert conflicts. The applicant can make the IEC\nmodification from the ground up, be it a question of changing PAN card number\nor adding new detail for the new branch office.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Online_Procedure_for_IEC_modification\"><\/span>Online Procedure for IEC modification&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The IEC modification web-based procedure includes the given\ninstructions. Those are as follows:-<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Documents Arrangement&nbsp;<\/strong><strong><\/strong><\/h3>\n\n\n\n<p>This stage will get rid of the confusion related to the modification of the IEC code. All you need to gather the required documents for drafting an application. Documents required for IEC modification are given below:- <\/p>\n\n\n\n<ul><li>PAN card of the company or individual<\/li><li>Passport size photo<\/li><li>current\/savings account cancellation cheque<\/li><li>Aadhar card of all the partners and directors<\/li><li>ANF \u2013 2A application form<\/li><li>Class 2 or class 3 digital signatures.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Application Filing&nbsp;<\/h3>\n\n\n\n<p>Your application shall be drafted based on the documents provided and will send back to you for confirmation. Post-approval, the final submission of the application shall be done.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">IEC Modification Charges<\/h3>\n\n\n\n<p>Factually, the application under the process attracts no fees whatsoever, But in case of modification, the authority might charges Rs 200\/application from the applicants.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Modified IEC Certificate<\/h3>\n\n\n\n<p>After the successful submission of the application, the applicant shall receive a soft copy of the modification from the <strong>DGFT portal<\/strong><sup><a href=\"https:\/\/www.dgft.gov.in\/CP\/\"><strong>[1]<\/strong><\/a><\/sup> via email within the next 2 to 5 working days.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Various_Features_of_IEC_modification_in_India\"><\/span>Various Features of IEC modification in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In the given section you would come across some prominent features of IEC modification.&nbsp;We have strived to explain each and every feature in brief for better understanding.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Hassle-Free Import-Export<\/strong><\/h3>\n\n\n\n<p>As soon as you are done with the modification works, all the\ndata get synced with the customs and DGFT. This updated information would come\nhandy for the exporter when it comes to the clearance of shipment from the\nport.&nbsp; In the presence of the updated data,\nthe custom and other authorities would find it easy to scan the shipping\ndocument and credential; thus; ensuring the prompt and hassle-free shipping.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Validity of IEC<\/strong><strong><\/strong><\/h3>\n\n\n\n<p>The IEC comes with a life-time validity, which means the\nbusiness owners do not have to renew it on a reoccurring basis. The code will\ncontinue to serve its purpose even after the modification in the key business\ndetails. That means it remains independent of the changes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Incentives<\/strong><\/h3>\n\n\n\n<p>With the IEC code at the disposal, the business owner can avail of a host of government-driven schemes and incentives to maximize their profit. Some schemes allow the exporters to avail 5% of the refund on the invoice for the particular value of the shipment. Such relaxation would encourage more and more business owners to boost the export volume.&nbsp; <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_Benefits_arises_out_of_IEC_Modification\"><\/span>What are the Benefits arises out of IEC Modification? <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/11\/Benefits-of.png\" alt=\"Benefits arises out of IEC Modification\" class=\"wp-image-20212\" width=\"489\" height=\"489\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/11\/Benefits-of.png 1000w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/11\/Benefits-of-150x150.png 150w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/11\/Benefits-of-300x300.png 300w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/11\/Benefits-of-768x768.png 768w\" sizes=\"(max-width: 489px) 100vw, 489px\" \/><\/figure><\/div>\n\n\n\n<p>Aggressive market strategies might not work at times when it\ncomes to profit maximization. One has to go beyond the existing market to reap\nadditional revenue, and that\u2019s where international trading comes into the\npicture. In India, cross-border trading can be conducted with the IEC code in\nhand. The section below would explain the viable benefits of the IEC in\nbrief.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Unlock the Global Market&nbsp;<\/h3>\n\n\n\n<p>It\u2019s a well-known fact that IEC is a primary requirement for\nbusinesses willing to engage with international trading. It enables businesses\nto transform their existing product into a global brand by setting up trade\nwith different countries. Also, it would improve the chances of accelerating\nthe obstinate sale figures.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Benefits of Schemes<\/h3>\n\n\n\n<p>IEC code imparts a host of benefits to exporters as well as importers. The registered entities are eligible to reap benefits with regards to subsidies declared by the concerned authorities. After filing a Letter of Undertaking (LUT) under <a href=\"https:\/\/corpbiz.io\/gst-registration\"><strong>GST<\/strong><\/a>, the exporter becomes eligible to export goods or services without paying IGST subjected to certain conditions. If the tax is imposed on the export then the exporter can claim refund on the same.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">No Annual Maintenance &amp; Compliances&nbsp;<\/h3>\n\n\n\n<p>Unlike other tax obligations, the trader does not require to\naddress any compliance requirements such as return filling or annual fillings.\nAdditionally, the IEC code does not encounter any compliance post-registration.\nSince there is no compliance listed, business owners are not required to pay an\nannual maintenance fee after obtaining the code.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Seamless Processing<\/h3>\n\n\n\n<p>To be precise, availing of IEC is not a complicated process. All\nusers are required to make the relevant application and the DGFT will grant the\ncode within 10-15 days. Furthermore, the authority would not demand any proof\nregarding the export and import from the applicant for the issuance of the IEC\ncode.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Legally Transparent&nbsp;<\/h3>\n\n\n\n<p>IEC legalize the cross-border trading and enables exporters and\nimporters to clear their shipment from custom and various authorities with\nease.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Get rid of Illegal Transportation<\/h3>\n\n\n\n<p>The import-export code gets rid of illegal shipping practices\nthrough definite controls and clear policies. The centralized registration also\nempowers the officials to keep track of all the transactions that take place as\na part of International Trading.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Obtaining the Import-export code is mandatory before kick-starting the business of international trade. Furthermore, the applicant who involves cross-border trading ought to obtain registration under GST as per the law. Connect with <a href=\"https:\/\/corpbiz.io\"><strong>CorpBiz<\/strong><\/a> to avail professional-grade help on IEC Modification Online.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/advantages-of-iec-registration-in-india\/\">\nAdvantages of Obtaining IEC (Import Export Code) Registration in India\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Import Export Code (IEC) is a ten-digit identification number which is granted by the Director-General of Foreign Trade. Every organization and business owner must get this code to conduct a business of import and export in the country. Without IEC registration, companies would come across legal constraints while trading their product outside the nation.&nbsp; Conducting [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":20210,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[165],"tags":[1245],"acf":{"service_id":"16"},"authorName":"Pankaj Tyagi","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-42.jpg","authorDescription":"Pankaj has a diverse experience of writing research papers, blog, and articles during his college time. Earlier, he was working as a tax consultant in a financial firm, but his interest in writing drives him to pursue a career in the writing field.","postViews":6157,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/20182"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=20182"}],"version-history":[{"count":30,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/20182\/revisions"}],"predecessor-version":[{"id":20216,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/20182\/revisions\/20216"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/20210"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=20182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=20182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=20182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}