Lesson
With an input tax credit, you can pay the remaining amount and deduct the tax you have already paid on inputs when paying output taxes. Here's how to do it: You are responsible for paying taxes on purchases made from registered dealers of goods and services. The tax is collected when you sell. The amount of output tax, or tax on sales, is deducted from the taxes paid at the time of purchase, and the remaining tax liability, or tax on sales less tax on purchase, must be paid to the government. We refer to this method as input tax credit utilisation To Merger/Demerge your Importer Exporter Code (IEC) with another IEC on the DGFT portal you would require: a) Valid Login Credentials to DGFT Portal (After Registering on DGFT Portal). b) User should have an active DSC which contains the details of the Firm / Aadhar for Proprietor or Members of the Firm. c) IECs to be Merged/Demerged To Revoke the Suspension on your existing Importer Exporter Code (IEC) on the DGFT portal you would require: a) Valid Login Credentials to DGFT Portal (After Registering on DGFT Portal). b) User should have an active DSC which contains the details of the Firm c) IEC with Suspended Status. To Revoke the DEL order (Denied Entity List) on your existing Importer Exporter Code (IEC) on the DGFT portal you would require: a) Valid Login Credentials to DGFT Portal (After Registering on DGFT Portal). b) User should have an active DSC which contains the details of the Firm / Aadhar for Proprietor or Members of the Firm. c) IEC with Active DEL orders. There might be circumstances where a seller or a trader intends to shut a business for multiple reasons. Whether one wants to import or export products or services, IEC registration is mandatory. However, in an event where a business will be shut down, the seller can also surrender the IEC certificate. It is now mandatory for all Importer Exporter Code (IEC) holders, regardless of any changes, to update and confirm their IEC details once a year. This process needs to be finished using the online system every year between April and June. The IEC will be deactivated for noncompliance, which will prevent any import or export activity. If you have already applied for and acquired your IEC from DGFT, it is necessary to know how to examine and access your IEC details on the DGFT website. In this step-by-step guide, we will lead you through the process of viewing your IEC on the DGFT site. Visit the DGFT website and login to the portal with valid credentials. Proceed with Link IEC process by clicking on “Link IEC” button on dashboard or from Menu “My Dashboard -> Importer Exporter Code (IEC) ->Link your profile to IEC”. Enrolment for IEC is entirely done online and is a very easy process. All you have to do is register your company entity on the DGFT official website. Following a successful online registration, you can complete the application for IEC registration, include the required paperwork, pay the application money, and then submit the form. You can utilize the registration certificate you will receive after your business's IEC is registered for foreign trade activities, along with the IEC allocation Since it has the power to approve or reject an application, documentation is an essential component of the overall IEC registration procedure. Depending on the kind of entity applying, different documents must be included with the IEC application. Depending on the kind of entity submitting the application, we have included a comprehensive list of documents needed for IEC registration in the table below: