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April 18, 2022

IEC must now be updated/modified on an annual basis.

by CA Shivam Jaiswal in Income Tax

IEC must now be updated/modified on an annual basis.

The IEC (Import Export Code) is a compulsory 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 and until 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.

An IEC application must be filed online by a business entity on the DGFT portal. Some of the documents required for the IEC application are:

  • PAN of the individual or business entity
  • Valid Address Proof.
  • Bank account in the name of the business entity.

IEC registration, once taken, is valid for a lifetime. However, the DGFT revised the IEC-related requirements under chapters 1 and 2 of the Foreign Trade Policy with notice number 58/2015-2020 issued February 12, 2021. According to the announcement, 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 critical to give accurate information at the time of IEC registration/update.

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