FOR FY 2021, THE DGFT HAS EXTENDED THE DEADLINE FOR UPDATING THE IEC ON AN ANNUAL BASIS
The Director-General of Foreign Trade (DGFT) has extended the deadline for yearly updates to the Importer-Exporter Code (IEC) for the Financial Year 2021 until July 31, 2021.
The DGFT issued the extension notification as a follow-up to the notification dated February 12, 2021, informing that the deadline for updating or modifying the IEC has been extended until July 31, 2021.
The Importer-Exporter Code (IEC) is a necessary corporate identifying number for exports and imports. No one may import or export without first obtaining an IEC Number from the DGFT. When it comes to importing or exporting services or technology, the IEC will only be necessary if the service or technology provider is taking advantage of the Foreign Trade Policy or interacting with specified services or technologies.
The type of company that applies for an IEC might be “Proprietorship, Partnership, LLP, Limited Company, Trust, HUF, and Society.” The IEC number is the same as the firm’s PAN as a result of the adoption of GST. The IEC would be issued separately by DGFT.
MSME UAM RECEIVED TILL JUNE 30, 2020 IS VALID UNTIL DECEMBER 31, 2021
The Ministry of Micro, Small, and Medium Enterprises amended the original notification dated 26.06.2020 by issuing notification dated 16.06.2021, extending the validity of EM Part-II and UAMs from 31.03.2021 to 31.12.2021. This will allow EM Part-II and UAMs certificate holders to take advantage of provisions under different existing schemes and incentives, such as MSME’s Priority Sector Lending benefits.
Existing EM Part-II and UAM holders have to move to the new Udyam Registration system, which started operations on July 1, 2020. The deadline for migrating to the new portal was set for March 31, 2021.
This move aims to improve MSMEs, allowing them to recover faster, increase their economic activity, and create jobs. At https://udyamregistration.gov.in, a new portal called “Udyam Registration” has been opened. There is no charge to register on the new portal, and the deadline for migration has been extended to December 31, 2021. For registration on the Udyam portal, only the PAN and Aadhaar are necessary.