Harmonized Code List an Integral Part of the Import and export Trade

Harmonized code or HS Code is an inevitable aspect within the import export make trades. It is a unique numerical code used on various products and commodities Documents required for IEC Code Registration India while shipping from nation to another. Is used to describe particular goods regarding 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 action. It is an eight digit code which includes been developed at par with the international coding system to suit the requirements of the international trading community belonging to the country. The code is basically, a good ID assigned any particular trading product, which is simply by more than 200 countries across the world.

DGFT India in the governing authority that covers the changes or formulation or addition of new codes in the existing harmonized code place. The authority does periodical activities like commodity description, weeding the particular defunct codes, addition of brand new codes, change of description of product etc. It maintains the harmonized code list, and also a bunch of such codes classified under 21 sectors. 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 split up into 98 sections. The chapters are further split into sub-headings this agreement particular HS Codes to target different products are mentioned.

Every trader dealing in international market has to note the particular code involving his product in all the forms as well important paperwork that become filled up at time of import export. All the related activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are finished in example of the code mentioned in the papers. Hence one can say 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 track down a particular segment of products. The list presents the product coding with variety of of categories, simplifying the duty of importers and exporters. You can easily access this code list over the net with the internet data businesses like Infodrive India. Besides providing additional HS tariff list, vehicle has also provided an internal search box for searching the codes of particular goods via entering the product’s names.