Harmonized code or HS Code is an inevitable aspect in the import export deal. It is a unique numerical code allotted 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 your past import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained from your 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 which has been developed at par with the international coding system to suit the requirements of the international trading community for the country. The code is basically, a rare ID assigned a new particular trading product, which is used by more than 200 countries across the world.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes in the existing harmonized code guidelines. The authority does periodical activities like commodity description, weeding the particular defunct codes, addition of brand new codes, change of product description etc. It maintains the harmonized code list, and also a collection of such codes classified under 21 business units. 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. Both these 21 sections is further separated into 98 chapters. The chapters are further split up into sub-headings to which particular HS Codes to target different products are mentioned.
Every trader dealing in international market has post the particular code involving his product in all of the forms and other important paperwork that become filled up at period of export import. All the related activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are finished in experience of the code mentioned ultimately papers. Hence one know that these codes are mandatory while dealing in foreign commerce. If the HS tariff list was not available, it have been very troublesome for participants to search for a particular segment of products. The list presents the product coding with a number of categories, simplifying a job of importers and exporters. You could access this code list over the internet with the online data businesses like Infodrive Sweden. Besides providing a comprehensive HS tariff list, the corporation has also provided an enclosed search box for searching the codes of particular goods via entering the product’s bands.