IEC MUST NOW BE UPDATED/MODIFIED ON AN ANNUAL BASIS

The IEC (Import Export Code) is a required identifying document for any import or export activity in the country. Except under expressly granted exclusions, a business cannot make any import/export supply until or unless an IEC has been obtained.

The department used to issue a separate identity number when an application for IEC was submitted. However, since the implementation of GST, an individual’s or a business entity’s PAN serves as his IEC number after filing an application with the DGFT (Directorate General of Foreign Trade). The application is authorised either by self-certification with the authorised representative’s digital signature or through aadhar-based KYC.

Once you’ve registered with the IEC, you’ll be able to use it for the rest of your life. However, the DGFT has changed the IEC-related provisions in Chapters 1 and 2 of the Foreign Trade Policy through a notification. According to the notification, every year from April to June, an IEC holder must update their IEC electronically. If the IEC details have not changed, the IEC holder must also update and confirm his or her information. The deadline to update or alter your IEC information for FY 2021-22 is June 30th.

If an IEC holder does not update his IEC within the stated time frame, it will become inactive and will only be activated after it is updated. To avoid any scrutiny processes, it is essential to give accurate information at the time of IEC registration/update.

TO READ THE OFFICIAL NOTIFICATION CLICK HERE

For any query/registration/advisory related to GST, Company, Taxation laws, and Updates, Kindly visit www.onfiling.com

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