Do I Need to Renew IGCR Every Year?

No, you do not need to renew your IGCR registration every year. However, certain annual compliance steps are mandatory if you want to continue availing concessional duty benefits under the Import of Goods at Concessional Rate of Duty (IGCR) Rules.

Here’s how it works:

1. IGCR Registration

Once registered on the ICEGATE portal, your IGCR Identification Number (IIN) remains valid unless it is canceled or suspended by Customs. You don’t need to reapply for registration each year.

2. Renewal of Bond or Bank Guarantee

While your IGCR registration stays valid, the continuity bond or bank guarantee you submit is financial year–specific.

• A new bond must be executed every financial year, as the previous one expires at year-end.
• Each IIN is tied to its bond, and without a valid bond, you cannot import goods under concessional duty for the new year.

3. Periodic Reporting

Importers must file quarterly utilization reports to prove that imported goods are used for the approved purpose. This ensures continued eligibility under IGCR.

Summary

• IGCR registration: No yearly renewal required.
• Bond/Bank guarantee: Must be renewed every financial year.
• Reports: File quarterly utilization reports.

So, while your IGCR registration stays active, your bond and reporting obligations need yearly and quarterly attention to maintain compliance.

Learn more about IGCR at https://www.jparks.co/services/apply-for-igcr-clearance/