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Important Update: The last date to update Importer-Exporter Code extended till July 31
The Last date to update the IEC (Importer-Exporter code) is 30th June. DGFT (Directorate General of Foreign Trade) has mandated all IEC holders to update their Importer-Exporter Code (IEC) yearly between April to June. IECs not updated within this prescribed period would be de-activated.
The Importer-Exporter Code (IEC) is a key business identification number and it is mandatory for Exports or Imports. IEC Number is issued by the DGFT (Director General of Foreign Trade). Without a valid IEC number, no transaction of import or export can happen.
As per the DGFT Notification number 58 dated 12th February 2021, IEC (Import-Export code) should be updated electronically every year, during the period of April-June. Please note that even if there is no change, the IEC should be updated.
Read: How to Download Form 26AS under the New Income Tax e-Filing portal?
The intent to deactivate the IEC is to delete inactive IECs and incorrect IEC details. The process of updating is quite simple as there is no additional compliance. The whole process is online and this process can be completed within 30 minutes if all details are correct.
There are no charges for IEC updating.
IECs not updated before June would be de-activated post-June. If the IECs to be re-activated (post-de-activated), then the IECs should be updated.
Watch the video below to know how to update the IEC:
Also Read: New Income Tax e-Filing portal: Authorise a person to act on your behalf
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