Harmonized code or HS Code is an inevitable aspect in 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. In order to used to describe particular goods in 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 procedure. It is an eight digit code which includes been developed at par with the international coding system to suit automobile of the international trading community from the country. The code is basically, a fashionable ID assigned to a particular trading product, which is used by more than 200 countries across earth.
DGFT India in the governing authority that covers 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 actual defunct codes, addition of the latest codes, change of description of product etc. It maintains the harmonized code list, which is a collection of such codes classified under 21 business units. 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 sections. The chapters are further split into sub-headings under which particular HS Codes for different products are mentioned.
Every trader dealing in international market has to note the particular code associated with his product in all of the forms as well important paperwork that end up being filled up at time of import export. All the attached activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are finished in experience of the code mentioned in the papers. Hence one know 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 merchandise. The list presents the product coding with a lot of of categories, simplifying the duty of importers and exporters. You could access this code list over the world wide web with the online data businesses like Infodrive The indian subcontinent. Besides providing additional HS tariff list, the corporate has also provided an interior search box for searching the codes of particular goods by way of entering the product’s makers.