Harmonized code or HS Code is actually inevitable aspect of the import export make trades. 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 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 operations. It is an eight digit code provides been developed at par with the international coding system to suit the requirements of the international trading community for the country. The code is basically, a good ID assigned a new particular trading product, which is utilized by more than 200 countries across earth.
DGFT India in the governing authority that looks after the changes or formulation or addition of new codes the actual existing harmonized code listing. The authority does periodical pursuits like commodity description, weeding the defunct codes, addition of recent codes, change of product description etc. It maintains the harmonized code list, may 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. Both these 21 sections is further split up into 98 chapters. The chapters are further put into sub-headings this agreement particular HS Codes for different products are mentioned.
Every trader dealing in international market has to say the particular code regarding his product in all of the forms and other important paperwork that to be able to filled up at time of import and export. All the attached activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are executed in experience with the code mentioned in the papers. Hence one can say that these codes are mandatory while dealing in foreign substitute. If the HS tariff list was not available, it would have been very troublesome for participants to watch for a particular segment of merchandise. The list presents the product coding with variety 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 The indian subcontinent. Besides providing a comprehensive HS tariff list, the corporation has also provided an enclosed search box for searching the codes of particular goods by way of entering the product’s names.