Harmonized code or HS Code can be an inevitable aspect for the import export trade. It is a unique numerical code allotted to various products and commodities Documents required for IEC Code Registration India while shipping from nation to another. Around the globe 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 operations. It is an eight digit code which includes been developed at par with the international coding system to suit automobile of the international trading community from the country. The code is basically, a fashionable ID assigned the particular trading product, which is through more than 200 countries across the planet.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes the actual existing harmonized code list. The authority performs periodical pursuits like commodity description, weeding beyond defunct codes, addition of brand new codes, change of description of product etc. It maintains the harmonized code list, may a number 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 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 and also important paperwork that to be able to filled up at period of import and export. All the related activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are executed in example of the code mentioned ultimately papers. Hence one can tell that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, might have been very troublesome for participants to watch for a particular segment of merchandise. The list presents the sum of the product coding with variety of of categories, simplifying your responsibilities of importers and exporters. You can potentially access this code list over the net with the internet data companies like Infodrive Sweden. Besides providing a detailed HS tariff list, vehicle has also provided an inside search box for searching the codes of particular goods it really is quite entering the product’s bands.