Harmonized code or HS Code a great inevitable aspect in the import export deal. It is a unique numerical code used on various products and commodities required while shipping from one country to another. In order to used to describe particular goods regarding 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 operations. 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 on the country. The code is basically, a rare ID assigned to a particular trading product, which is simply by more than 200 countries across entire world.
DGFT Apply IEC Online India in the governing authority that provides the changes or formulation or addition of new codes the actual existing harmonized code listing. The authority carries out periodical pursuits like commodity description, weeding out of defunct codes, addition most recent codes, change of description of product etc. It maintains the harmonized code list, which is a selection 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. Each of these 21 sections is further split up into 98 chapters. The chapters are further divided into sub-headings this agreement particular HS Codes for several products are mentioned.
Every trader dealing in international market has to bring up the particular code involving his product in all of the forms because 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 particular exemption of commodities, are performed 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, always be have been very troublesome for participants to watch for a particular segment of products. The list presents the full product coding with amount of categories, simplifying the task of importers and exporters. You could access this code list over the web with the internet data companies like Infodrive India. Besides providing an end HS tariff list, the corporation has also provided an indoor search box for searching the codes of particular goods via entering the product’s names.