Harmonized code or HS Code can be an inevitable aspect in the import export dealings. It is a unique numerical code assigned to various products and commodities required while shipping from one country to another. Around the globe used to describe particular goods regarding 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 action. It is an eight digit code which has been developed at par with the international coding system to suit the requirements of the international trading community on the country. The code is basically, a unique ID assigned any particular trading product, which is by simply more than 200 countries across the planet.
DGFT India in the governing authority that looks after the changes or formulation or addition of new codes previously existing harmonized code listing. The authority performs periodical pursuits like commodity description, weeding out of defunct codes, addition of brand new codes, change of description of product etc. It maintains the harmonized code list, and also a selection of such codes classified under 21 pieces. 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 split up into 98 chapters. The chapters are further put into sub-headings this agreement particular HS Codes to target different products are mentioned.
Every trader dealing in international market has post the particular code number of his product in all the forms and other important paperwork that needs to filled up at time of import and export. All the related activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are executed in experience of the code mentioned inside of the papers. Hence one can tell 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 the traders to investigation for a particular segment of merchandise. The list presents the whole of the product coding with variety of of categories, simplifying the procedure of importers and exporters. You could access this code list over the net with the Apply IEC Online India data companies like Infodrive Sweden. Besides providing a complete HS tariff list, vehicle has also provided an enclosed search box for searching the codes of particular goods because of entering the product’s names.