Harmonized code or HS Code a good inevitable aspect of this 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. 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 through 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 on the country. The code is basically, a rare ID assigned using a particular trading product, which is simply by more than 200 countries across the planet.
DGFT India in the governing authority that takes care of the changes or formulation or addition of new codes regarding existing harmonized code list of reasons. The authority does periodical pursuits like commodity description, weeding beyond defunct codes, addition of new codes, change of description of product etc. It maintains the harmonized code list, and also a number 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. 1 of these 21 sections is further put into 98 sections. The chapters are further split up into sub-headings to which particular HS Codes for different products are mentioned.
Every trader dealing in international market has to say the particular code associated with his product in all the forms along with important paperwork that to be able to filled up at the time of export import. All the related activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are finished in example of the code mentioned in the papers. Hence one know that these codes are mandatory while dealing in foreign commerce. If the HS tariff list was not available, end up being have been very troublesome for the traders to search for a particular segment of merchandise. The list presents the sum of the product coding with amount of categories, simplifying the procedure of importers and exporters. You in many cases can access this code list over the web with the internet data brands like Infodrive India. Besides providing a complete HS tariff list, organization has also provided an inside search box for searching the codes of particular goods via entering the product’s bands.