Harmonized code or HS Code is actually inevitable aspect of this import export commerce. It is a unique numerical code used on various products and commodities Documents required for IEC Code Registration India while shipping from nation to another. 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 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 the requirements of the international trading community from the country. The code is basically, a special ID assigned the particular trading product, which is simply by more than 200 countries across entire world.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes regarding existing harmonized code list. The authority carries out periodical activities like commodity description, weeding beyond defunct codes, addition of brand new codes, change of product description etc. It maintains the harmonized code list, which is a selection of such codes classified under 21 sections. 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. All of these 21 sections is further divided into 98 sections. The chapters are further put into sub-headings under which particular HS Codes for different products are mentioned.
Every trader dealing in international market has to mention the particular code connected with his product in all the forms along with 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 even the exemption of commodities, are performed in experience with the code mentioned inside of 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, it have been very troublesome for participants to track down a particular segment of items. The list presents the whole of the product coding with variety of 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 manufacturers like Infodrive Indian. Besides providing a detailed HS tariff list, organization has also provided an inside search box for searching the codes of particular goods simply by entering the product’s companies.