Harmonized code or HS Code is actually inevitable aspect within the import export trade. 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 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 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 good ID assigned the particular trading product, which is through more than 200 countries across society.
DGFT India in the governing authority that looks after the changes or formulation or addition of new codes regarding existing harmonized code listing. The authority does periodical pursuits like commodity description, weeding the defunct codes, addition most recent codes, change of description of product etc. It maintains the harmonized code list, along with that is a selection of such codes classified under 21 parts. 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. Both these 21 sections is further separated into 98 chapters. The chapters are further put into sub-headings this agreement particular HS Codes for different products are mentioned.
Every trader dealing in international market has to bring up the particular code regarding his product in all the forms along with important paperwork that become filled up at period of import export. All the attached activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are performed in hitting the ground with the code mentioned inside the papers. Hence one can say that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, it have been very troublesome for participants to watch for a particular segment of items. The list presents the whole of the product coding with a lot of of categories, simplifying a job of importers and exporters. You in many cases can access this code list over the net with the online data manufacturers like Infodrive Of india. Besides providing a complete HS tariff list, the corporation has also provided an interior search box for searching the codes of particular goods by way of entering the product’s bands.