Harmonized code or HS Code a good inevitable aspect of the import export deal. 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. It is used to describe particular goods within the import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained from the Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export import function. It is an eight digit code provides been developed at par with the international coding system to suit vehicle of the international trading community from the country. The code is basically, a good ID assigned the particular trading product, which is utilized by more than 200 countries across the world.
DGFT India in the governing authority that looks after the changes or formulation or addition of new codes the actual existing harmonized code list. The authority does periodical pursuits like commodity description, weeding the defunct codes, addition of recent codes, change of product description etc. It maintains the harmonized code list, and also a collection of such codes classified under 21 sections. 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 put into 98 chapters. The chapters are further put into sub-headings this agreement particular HS Codes to target different products are mentioned.
Every trader dealing in international market has post the particular code regarding his product in all of the forms along with important paperwork that become filled up at the time of import and export. All the attached activities like customs duty or excise duty or drawback rates or even exemption of commodities, are executed in experience with the code mentioned in the papers. Hence one can tell that these codes are mandatory while dealing in foreign substitute. If the HS tariff list was not available, always be have been very troublesome for the traders to search for a particular segment of merchandise. The list presents the product coding with variety of of categories, simplifying your responsibilities of importers and exporters. You in many cases can access this code list over the internet with the online data brands like Infodrive Indian. Besides providing additional HS tariff list, the company has also provided an interior search box for searching the codes of particular goods via entering the product’s bands.