Harmonized code or HS Code is actually inevitable aspect for the import export trade. It is a unique numerical code assigned to various products and commodities required 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 from your 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 provides been developed at par with the international coding system to suit automobile of the international trading community from the country. The code is basically, a rare ID assigned a new particular trading product, which is through more than 200 countries across entire world.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes previously existing harmonized code list of reasons. The authority does periodical pursuits like commodity description, weeding beyond defunct codes, addition of new codes, change of description of product etc. It maintains the harmonized code list, which is a range of such codes classified under 21 sections. 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 put into sub-headings to which particular HS Codes to target other products are mentioned.
Every trader dealing in international market has to mention the particular code number of his product in all of the forms as well important paperwork that end up being filled up at period of export import. All the attached activities like customs duty or excise duty or drawback rates or even exemption of commodities, are performed in example of the IEC Code Online Application India mentioned in the papers. Hence one can tell that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, it have been very troublesome for participants to search for a particular segment of items. The list presents the whole of the product coding with amount of categories, simplifying the task of importers and exporters. You in many cases can access this code list over the online world with the online data businesses like Infodrive Sweden. Besides providing additional HS tariff list, the company has also provided an interior search box for searching the codes of particular goods it really is quite entering the product’s bands.