Harmonized code or HS Code is an inevitable aspect in the import export make trades. 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. Around the globe used to describe particular goods in the import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained by the 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 which has been developed at par with the international coding system to suit the requirements of the international trading community of the country. The code is basically, a unique ID assigned the particular trading product, which is used by more than 200 countries across the planet.
DGFT India in the governing authority that takes care of the changes or formulation or addition of new codes the actual existing harmonized code listing. The authority performs periodical pursuits like commodity description, weeding out of defunct codes, addition of brand new 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. Each of these 21 sections is further split up into 98 sections. The chapters are further divided into sub-headings this agreement particular HS Codes to target different products are mentioned.
Every trader dealing in international market has to bring up the particular code associated with his product in all the forms as well important paperwork that needs to filled up at time of import export. All the attached activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are finished in reference to the code mentioned inside of the papers. Hence one can say that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, end up being have been very troublesome for the traders to investigation for a particular segment of products. The list presents the full product coding with a number of categories, simplifying a job of importers and exporters. You can easily access this code list over the world wide web with the online data the likes of Infodrive Sweden. Besides providing additional HS tariff list, vehicle has also provided an internal search box for searching the codes of particular goods it really is quite entering the product’s such as :.