Harmonized code or HS Code is actually inevitable aspect in the import export deal. 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 within the 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 function. It is an eight digit code which has been developed at par with the international coding system to suit vehicle of the international trading community on the country. The code is basically, a rare ID assigned a new particular trading product, which is utilized by more than 200 countries across entire world.
DGFT India in the governing authority that looks after the changes or formulation or addition of new codes in existing harmonized code list of reasons. The authority performs periodical pursuits like commodity description, weeding the actual defunct codes, addition of recent codes, change of description of product etc. It maintains the harmonized code list, which is a bunch of such codes classified under 21 parts. 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 separated into 98 chapters. The chapters are further divided into sub-headings to which particular HS Codes many products are mentioned.
Every trader dealing in international market has to bring up the particular code connected with his product in all the forms and also important paperwork that to be able to filled up at time of export import. All the related activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are finished in reference to the code mentioned in the papers. Hence one can say that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, might have been very troublesome for the traders to investigation for a particular segment of products. 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 world wide web with the online data companies like Infodrive Sweden. Besides providing an end HS tariff list, the company has also provided an enclosed search box for searching the codes of particular goods it really is quite entering the product’s names.