About 4 Lakh Import Export Codes may be De-activated soon.
DGFT has issued a final alert to the exporters/importers that IEC which are not updated on DGFT site will start getting de-activated by 06.10.2021. Since this is the final chance to the exporter we are of the view that this time the date will not be extended.
DGFT has taken up a drive to remove inactive exporters and importers, or those who have not updated their details in the records for very long. The idea is to remove inactive as well as unscrupulous Importers and Exporters. Now all IEC holders will have to update their details at least once every year.
(DGFT had requested all exporters and importers vide earlier notifications dated 12.02.2021, 01.07.2021 & 09.08.2021 to update their IEC every year during April-June. Now vice their trade notice dt. 20.09.2021 they have given a final notice)
Last Date for updation/modification of IEC for FY 2021-22 without any fees is now extended till 31st August 2021 by the DGFT, Ministry of Commerce & Industry. However, for every year it should be done between April to June as notified previously.
For detailed procedure, please click here
With introduction of GST, the central government has proposed the following changes in IEC:
GST Registration (GSTIN) Number is a 15 digit alpha numeric code. GSTIN Number will be used for the purpose of import in case of IGST credit, and refund or rebate of IGST in the case of export as identifier of the transaction.
In view of the above, it has been decided that importers/exporters will be required to declare GSTIN Number at time of import and export, if they are registered.
Through Trade Notice No. 9 Dated 12.06.2017, DGFT has decided to keep the identity of the entity uniform across the Ministry/Department, Hence, post-implementation of GST, the PAN of the entity will be used for the purpose of IEC, which mean that the IEC and PAN of the entity will be same.
For new applications of IEC, the applicant’s PAN will be authorised as IEC by DGFT.
Further, the existing IEC holder need not to take any action for any changes, as the migration will be carried out by DGFT itself.
To conclude, as soon as the GST gets implemented, importer/exporters are required to quote their PAN in place of existing IEC.
Therefore, it is advised that every importer/exporter should thoroughly check their PAN details viz-a-viz, IEC. Otherwise, they will not be able to make any import/export.
In case you need any assistance, please feel free to call or write to us at email@example.com
© 2019 Andees Consultant. All Rights Reserved.