Harmonized code or HS Code is an inevitable aspect within the import export commerce. It is a unique numerical code assigned 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 your past import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained from your Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export import techniques. It is an eight digit code which has been developed at par with the international coding system to suit vehicle of the international trading community belonging to the country. The code is basically, a rare ID assigned the particular trading product, which is utilized by more than 200 countries across the planet.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes the actual existing harmonized code listing. The authority performs periodical activities like commodity description, weeding out of defunct codes, addition most recent codes, change of product description etc. It maintains the harmonized code list, may a selection of such codes classified under 21 parts. 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 chapters. The chapters are further split into sub-headings under which particular HS Codes to target other products are mentioned.
Every trader dealing in international market has to bring up the particular code regarding his product in all the forms because important paperwork that end up being filled up at the time of import export. All the attached activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are executed in hitting the ground with the code mentioned in the papers. Hence one can say that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, it would have been very troublesome for the traders to search for a particular segment of merchandise. The list presents the entire product coding with variety of categories, simplifying the task of importers and exporters. You can potentially access this code list over the net with the online data businesses like Infodrive The indian subcontinent. Besides providing an end HS tariff list, organization has also provided an internal search box for searching the codes of particular goods because of entering the product’s makers.