Harmonized code or HS Code a great inevitable aspect in the import export commerce. It is a unique numerical code sent to various products and commodities Documents required for IEC Code Registration India while shipping from one country to another. Is 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 from the 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 automobile of the international trading community on the country. The code is basically, a unique ID assigned a new particular trading product, which is simply by more than 200 countries across the planet.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes previously existing harmonized code guidelines. The authority carries out periodical activities like commodity description, weeding the particular defunct codes, addition of recent codes, change of description of product etc. It maintains the harmonized code list, along with that is a collection of such codes classified under 21 pieces. 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 put into sub-headings this agreement 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 other important paperwork that become 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 experience with the code mentioned inside of the papers. Hence one know that these codes are mandatory while dealing in foreign substitute. If the HS tariff list was not available, it have been very troublesome for participants to search for a particular segment of merchandise. The list presents the whole of the product coding with variety of categories, simplifying the duty of importers and exporters. You could access this code list over the net with the online data companies like Infodrive Sweden. Besides providing a comprehensive 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 companies.