Harmonized code or HS Code a good inevitable aspect within the import export trade. It is a unique numerical code used on various products and commodities required while shipping from one country to another. It is used to describe particular goods in 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 Apply IEC Online India. The international coding system has been adopted in India for export import techniques. It is an eight digit code provides been developed at par with the international coding system to suit the requirements of the international trading community of the country. The code is basically, a fashionable ID assigned the particular trading product, which is by simply more than 200 countries across entire world.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes in existing harmonized code guidelines. The authority does periodical activities like commodity description, weeding beyond defunct codes, addition of brand new codes, change of product description etc. It maintains the harmonized code list, may a bunch 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. All of these 21 sections is further divided into 98 sections. The chapters are further divided into sub-headings under which particular HS Codes many products are mentioned.
Every trader dealing in international market has post the particular code connected with his product in all the forms and also important paperwork that become filled up at the time of import export. All the related activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are carried out in reference to the code mentioned inside of the papers. Hence one can say that these codes are mandatory while dealing in foreign substitute. If the HS tariff list was not available, might have been very troublesome for participants to search for a particular segment of products. The list presents the whole of the product coding with variety of categories, simplifying the task of importers and exporters. You is likely to access this code list over the internet with the internet data brands like Infodrive Of india. Besides providing a complete HS tariff list, the corporation has also provided an internal search box for searching the codes of particular goods it really is quite entering the product’s bands.