Harmonized code or HS Code is an inevitable aspect of this import export dealings. 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 in the 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 Apply IEC Online India for export import operations. 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 for the country. The code is basically, a fashionable ID assigned the particular trading product, which is simply by more than 200 countries across the world.
DGFT 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 activities like commodity description, weeding the particular defunct codes, addition of recent codes, change of product description etc. It maintains the harmonized code list, which is a range 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. Every these 21 sections is further broken into 98 sections. The chapters are further split into sub-headings this agreement particular HS Codes for several products are mentioned.
Every trader dealing in international market has to mention the particular code associated with his product in all the forms because important paperwork that become filled up at the time of export import. 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 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 watch for a particular segment of items. The list presents the whole of the product coding with variety of categories, simplifying the procedure of importers and exporters. You in many cases can access this code list over the web with the internet data businesses like Infodrive Indian. Besides providing an end HS tariff list, organization has also provided an interior search box for searching the codes of particular goods via entering the product’s makers.