Harmonized code or HS Code is an inevitable aspect within the 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 one country to another. Its used to describe particular goods your import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained through Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export import techniques. It is an eight digit code that has been developed at par with the international coding system to suit automobile of the international trading community for the country. The code is basically, a unique ID assigned using a particular trading product, which is utilized by more than 200 countries across the planet.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes previously existing harmonized code place. The authority carries out periodical pursuits like commodity description, weeding the particular defunct codes, addition of recent codes, change of product description etc. It maintains the harmonized code list, along with that is a selection 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 separated into 98 sections. The chapters are further separated into sub-headings under which particular HS Codes to target other products are mentioned.
Every trader dealing in international market has to mention the particular code regarding his product in all the forms and also important paperwork that must be filled up at the time of export import. All the attached activities like customs duty or excise duty or drawback rates or even exemption of commodities, are carried out in hitting the ground with the code mentioned inside the papers. Hence one know that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, it would have been very troublesome for participants to search for a particular segment of merchandise. The list presents the whole of the product coding with a lot of of categories, simplifying the procedure of importers and exporters. You can easily access this code list over the internet with the internet data companies like Infodrive Indian. Besides providing a complete HS tariff list, organization has also provided an enclosed search box for searching the codes of particular goods it really is quite entering the product’s makers.