Harmonized code or HS Code a great inevitable aspect in 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 one country to another. In order to used to describe particular goods your import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained through 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 provides been developed at par with the international coding system to suit automobile of the international trading community for the country. The code is basically, a special ID assigned to a particular trading product, which is simply 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 in the existing harmonized code list of reasons. The authority carries out periodical pursuits like commodity description, weeding the defunct codes, addition of the latest codes, change of description of product etc. It maintains the harmonized code list, which is a selection of such codes classified under 21 sectors. 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. All of these 21 sections is further divided into 98 chapters. The chapters are further split into sub-headings under which particular HS Codes for different products are mentioned.
Every trader dealing in international market has to note the particular code regarding his product in all of the forms along with important paperwork that needs to filled up at the time of export import. All the attached activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are executed in hitting the ground with the code mentioned inside the papers. Hence one know 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 watch for a particular segment of products. The list presents the sum of the product coding with amount of categories, simplifying the duty of importers and exporters. You is likely to access this code list over the online world with the online data businesses like Infodrive Sweden. Besides providing an end HS tariff list, the company has also provided an interior search box for searching the codes of particular goods by way of entering the product’s makers.