Importer Exporter Code Registration In Karnataka
IE Code Registration in Karnataka is a registration for the companies with the Indian Customs Department that the Imports and exports commodities from India. IE Code in Karnataka is issued by the Directorate General of the Foreign Trade (DGFT), Ministry of Commerce, and industries under the Government of India.
IE Code application is to be made to the Directorate General of Foreign Trade along with the necessary supporting documents. IE Code registration in Karnataka is issued within 15-20 working days or less.
IE Code registration in Karnataka is valid for a lifetime, there is no updating, filing, or renewal associated. This registration is valid until the business is existing or the registration is revoked or surrendered. A person having IE Code registration is not required to file the GST registration or the PF registration there is no other compliance.
Why is IE code registration in Karnataka required?
- When the importer has to clear the shipments from the customs it requires IE code registration
- When the Importer is sending money abroad through bank transaction IE Code is required.
- When the exporters sending shipments then it is needed by the customs department.
- When the exporter is receiving money in foreign currency directly into his bank account then it is required by the bank.
How to apply for IE Code Registration in Karnataka?
Para 2.08 of the Handbook of procedure contains the provisions that are relevant to the application for IE Code registration in Karnataka. Vide Public notice no.27/2015 - 2020 of August 8,2018 states that the:
Exporters or the Importer should apply in Form ANF 2A.
The applicant is required to submit only two documents that are the address proof of the applicant and the other is the pre-printed cheque or the bank certificate.
The Sale deed, in case the business premises is self-owned or
Rental/lease agreement in case the premise is rented /leased or
Latest electricity/ Landline/ mobile bill in the name of the applicant entity; or
GST registration certificate or;
In the case the proprietorship, the following proof is valid-
- Aadhar Card;
- Voters ID;
It must be noted that the above documents in support of address proof need in the name of the firm, however, in the case of proprietorship, the address proof in favor of an individual is acceptable dated 12th December 2018.
IE code registration in Karnataka is not a mandatory registration and only the importers and the exports of the goods or the services must have IE Code. There is no penalty for not having IE Code but import and export will not be possible without IE Code.