Harmonized code or HS Code can be an inevitable aspect of the import export commerce. It is a unique numerical code allotted to various products and commodities required while shipping from one country to another. Its used to describe particular goods within 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 India for export import function. 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 belonging to the country. The code is basically, a unique ID assigned any particular trading product, which is simply by more than 200 countries across the planet.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes regarding existing harmonized code list of reasons. The authority carries out periodical activities like commodity description, weeding the particular defunct codes, addition most recent codes, change of product description etc. It maintains the harmonized code list, may a collection 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. All of these 21 sections is further put into 98 sections. The chapters are further divided into sub-headings to which particular HS Codes for different products are mentioned.
Every trader dealing in international market has to say the particular code number of his product in all the forms as well important paperwork that end up being filled up at period of import export. All the related activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are executed in reference to the IEC Code Online Application India mentioned inside of the papers. Hence one know that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, always be have been very troublesome for participants to track down a particular segment of items. The list presents the full product coding with amount of categories, simplifying a job of importers and exporters. You could access this code list over the internet with the internet data businesses like Infodrive The indian subcontinent. Besides providing a complete HS tariff list, organization has also provided an enclosed search box for searching the codes of particular goods via entering the product’s makers.