Harmonized code or HS Code is an inevitable aspect of the import export deal. 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 within the import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained your 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 that has 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 special ID assigned to a particular trading product, which is through more than 200 countries across society.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes in the existing harmonized code list of reasons. The authority does periodical pursuits like commodity description, weeding beyond defunct codes, addition of recent codes, change of description of product etc. It maintains the harmonized code list, which is a collection 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 split up into 98 chapters. The chapters are further split into sub-headings this agreement particular HS Codes for several products are mentioned.
Every trader dealing in international market has to bring up the particular code associated with his product in all the forms along with important paperwork that must be filled up at period of import export. All the attached activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are performed in reference to the code mentioned ultimately papers. Hence one can say that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, might have been very troublesome for participants to search for a particular segment of items. The list presents the sum of the product coding with variety of of categories, simplifying the duty of importers and exporters. You can potentially access this code list over the online world with the online data manufacturers like Infodrive India. Besides providing a complete HS tariff list, the corporate has also provided an indoor search box for searching the codes of particular goods via entering the product’s names.