Harmonized code or HS Code is actually inevitable aspect of this import export commerce. It is a unique numerical code allotted to various products and commodities Documents required for IEC Code Registration India while shipping from nation to another. Its used to describe particular goods your past import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained your Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export import procedure. It is an eight digit code which includes been developed at par with the international coding system to suit vehicle of the international trading community for the country. The code is basically, a special ID assigned using a particular trading product, which is through more than 200 countries across the world.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes previously existing harmonized code guidelines. The authority carries out periodical pursuits like commodity description, weeding out of defunct codes, addition of recent codes, change of description of product etc. It maintains the harmonized code list, and also a collection of such codes classified under 21 sectors. The 21 sections include Animals & Animal Products; Vegetable Products; Animal or Vegetable Fats; Prepared Foodstuffs; Mineral Products; Chemical Products; Plastics & Rubber; Hides & Skins; Wood & Wood Products; Wood Pulp Products; Textiles & Textile Articles; Footwear, Headgear; Articles Of Stone, Plaster, Cement, Asbestos; Pearls, Precious Or Semi-Precious Stones, Metals; Base Metals & Articles Thereof; Machinery & Mechanical Appliances; Transportation Equipment; Instruments – Measuring, Musical; Arms & Ammunition; Miscellaneous; and Works Of Art. Each of these 21 sections is further divided into 98 chapters. The chapters are further put into sub-headings under which particular HS Codes to target other products are mentioned.
Every trader dealing in international market has post the particular code involving his product in all the forms as well important paperwork that end up being filled up at time of import export. All the related activities like customs duty or excise duty or drawback rates or even exemption of commodities, are performed in experience with the code mentioned in the papers. Hence one can tell that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, might have been very troublesome for the traders to investigation for a particular segment of products. The list presents the entire product coding with a lot of of categories, simplifying the procedure of importers and exporters. You can potentially access this code list over the net with the internet data brands like Infodrive The indian subcontinent. Besides providing a complete HS tariff list, the corporate has also provided an indoor search box for searching the codes of particular goods simply by entering the product’s companies.