Harmonized code or HS Code a good inevitable aspect in 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 nation to another. Its used to describe particular goods your 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 techniques. 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 on the country. The code is basically, a unique ID assigned using a particular trading product, which is used by more than 200 countries across earth.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes in existing harmonized code listing. The authority performs periodical activities like commodity description, weeding the defunct codes, addition of brand new codes, change of product description etc. It maintains the harmonized code list, which is a range 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. 1 of these 21 sections is further put into 98 chapters. The chapters are further split up into sub-headings to which particular HS Codes for several products are mentioned.
Every trader dealing in international market has to say the particular code connected with his product in all the forms as well important paperwork that become filled up at the time of import export. All the related activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are executed in reference to the code mentioned in the papers. Hence one know that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, end up being have been very troublesome for the traders to watch for a particular segment of merchandise. The list presents the whole of the product coding with variety of categories, simplifying the procedure of importers and exporters. You can potentially access this code list over the internet with the internet data the likes of Infodrive Sweden. Besides providing a complete HS tariff list, organization has also provided an indoor search box for searching the codes of particular goods because of entering the product’s such as :.