Harmonized code or HS Code a good inevitable aspect within the import export deal. It is a unique numerical code assigned 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 within the import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained by 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 that has been developed at par with the international coding system to suit automobile of the international trading community on the country. The code is basically, a special ID assigned any particular trading product, which is through more than 200 countries across society.
DGFT India in the governing authority that takes care of the changes or formulation or addition of new codes in existing harmonized code list of reasons. The authority performs periodical pursuits like commodity description, weeding the particular defunct codes, addition most recent codes, change of description of product etc. It maintains the harmonized code list, may a number of such codes classified under 21 pieces. 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. 1 of these 21 sections is further broken into 98 chapters. The chapters are further split into sub-headings this agreement particular HS Codes for different products are mentioned.
Every trader dealing in international market has to note the particular code involving his product in all the forms and also important paperwork that become filled up at the time of import export. All the attached activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are executed in example of the code mentioned inside the papers. Hence one can tell that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, always be have been very troublesome for the traders to investigation for a particular segment of items. The list presents the entire product coding with a number of categories, simplifying the duty of importers and exporters. You is likely to access this code list over the web with the online data the likes of Infodrive Indian. Besides providing a detailed HS tariff list, the corporation has also provided an enclosed search box for searching the codes of particular goods simply by entering the product’s companies.