Harmonized code or HS Code a good inevitable aspect within the import export trade. It is a unique numerical code assigned to various products and commodities Documents required for IEC Code Registration India while shipping from one country to another. It is used to describe particular goods your 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 action. It is an eight digit code which been developed at par with the international coding system to suit automobile of the international trading community from the country. The code is basically, a good ID assigned any particular trading product, which is by simply more than 200 countries across entire world.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes in existing harmonized code list. The authority does periodical pursuits like commodity description, weeding out of defunct codes, addition most recent codes, change of description of product etc. It maintains the harmonized code list, may a bunch 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. Every these 21 sections is further divided into 98 chapters. The chapters are further split up into sub-headings this agreement particular HS Codes for different products are mentioned.
Every trader dealing in international market has to mention the particular code number of his product in all of the forms along with important paperwork that must be filled up at period of export import. All the attached activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are executed in example of the code mentioned in the papers. Hence one can tell that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, always be have been very troublesome for participants to search for a particular segment of items. The list presents the sum of the product coding with a number of categories, simplifying the task of importers and exporters. You in many cases can access this code list over the internet with the internet data manufacturers like Infodrive Of india. Besides providing a detailed HS tariff list, organization has also provided an indoor search box for searching the codes of particular goods via entering the product’s names.