Harmonized code or HS Code a good inevitable aspect in the import export dealings. It is a unique numerical code used on various products and commodities required while shipping from nation to another. It 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 from the 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 that has 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 special ID assigned to a particular trading product, which is utilized by more than 200 countries across society.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes in the existing harmonized code place. The authority carries out periodical pursuits like commodity description, weeding out of defunct codes, addition most recent codes, change of product description etc. It maintains the harmonized code list, which is a number 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. 1 of these 21 sections is further put into 98 chapters. The chapters are further separated into sub-headings this agreement particular HS Codes to target different products are mentioned.
Every trader dealing in international market has to note the particular code connected with his product in all the forms along with 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 even the exemption of commodities, are finished in experience of the code mentioned in the papers. Hence one can tell that these codes are mandatory while dealing in foreign substitute. If the HS tariff list was not available, always be have been very troublesome for the traders to search for a particular segment of products. The list presents the sum of the product coding with a lot of of categories, simplifying your responsibilities of importers and exporters. You is likely to access this code list over the internet with the Apply IEC Online India data brands like Infodrive Sweden. Besides providing additional HS tariff list, the corporation has also provided an indoor search box for searching the codes of particular goods via entering the product’s bands.