Harmonized code or HS Code a great inevitable aspect in the import export dealings. 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. 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 action. It is an eight digit code which includes been developed at par with the international coding system to suit vehicle of the international trading community for the country. The code is basically, a rare ID assigned any particular trading product, which is through more than 200 countries across the world.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes the actual existing harmonized code list of reasons. The authority does periodical pursuits like commodity description, weeding the actual defunct codes, addition of brand new codes, change of product description etc. It maintains the harmonized code list, may 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. 1 of these 21 sections is further separated into 98 chapters. The chapters are further divided into sub-headings under which particular HS Codes to target other products are mentioned.
Every trader dealing in international market has post the particular code number of his product in all of the forms and other important paperwork that end up being filled up at period of export import. All the related activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are performed in experience with the code mentioned ultimately papers. Hence one can say that these codes are mandatory while dealing in foreign substitute. If the HS tariff list was not available, always be have been very troublesome for participants to watch for a particular segment of merchandise. The list presents the product coding with amount of categories, simplifying the duty of importers and exporters. You can easily access this code list over the internet with the internet data companies like Infodrive Sweden. Besides providing a comprehensive HS tariff list, organization has also provided an indoor search box for searching the codes of particular goods because of entering the product’s such as :.