Harmonized code or HS Code is an inevitable aspect within the import export commerce. It is a unique numerical code used on various products and commodities Documents required for IEC Code Registration India while shipping from one country 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 your 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 that has been developed at par with the international coding system to suit vehicle of the international trading community for the country. The code is basically, a good ID assigned to a particular trading product, which is utilized 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 list of reasons. The authority performs periodical activities like commodity description, weeding the defunct codes, addition of the latest codes, change of description of product etc. It maintains the harmonized code list, along with that is a selection 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. Every these 21 sections is further put into 98 chapters. The chapters are further put into sub-headings to which particular HS Codes for several products are mentioned.
Every trader dealing in international market has post the particular code associated with his product in all the forms and also important paperwork that must be filled up at the time of import export. All the related activities like customs duty or excise duty or drawback rates or even exemption of commodities, are carried out in hitting the ground with the code mentioned ultimately papers. Hence one can say that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, it would have been very troublesome for participants to search for a particular segment of merchandise. The list presents the full product coding with variety of of categories, simplifying the task of importers and exporters. You can potentially access this code list over the net with the online data the likes of Infodrive India. Besides providing a complete HS tariff list, the company has also provided an interior search box for searching the codes of particular goods because of entering the product’s makers.