Harmonized code or HS Code is an inevitable aspect for the import export deal. It is a unique numerical code assigned to various products and commodities required while shipping from one country to another. Is used to describe particular goods your import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained by the Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export import techniques. It is an eight digit code which includes 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 fashionable ID assigned any particular trading product, which is through more than 200 countries across entire world.
DGFT India in the governing authority that looks after the changes or formulation or addition of new codes in existing harmonized code place. The authority carries out periodical activities like commodity description, weeding out of defunct codes, addition of the latest codes, change of product description etc. It maintains the harmonized code list, may 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 divided into 98 chapters. The chapters are further separated into sub-headings under which particular HS Codes to target other products are mentioned.
Every trader dealing in international market has post the particular code associated with his product in all of the forms because important paperwork that end up being filled up at time of export import. All the related activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are finished in experience with the code mentioned inside of the papers. Hence one can tell that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, always be have been very troublesome for the traders to track down a particular segment of merchandise. The list presents the sum of the product coding with variety of categories, simplifying the task of importers and exporters. You could access this code list over the online world with the Apply IEC Online India data brands like Infodrive Of india. Besides providing additional HS tariff list, the company has also provided an internal search box for searching the codes of particular goods via entering the product’s makers.