Harmonized code or HS Code can be an inevitable aspect of the import export deal. 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 procedure. It is an eight digit code which includes been developed at par with the international coding system to suit automobile 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 society.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes previously existing harmonized code guidelines. The authority carries out periodical activities like commodity description, weeding beyond defunct codes, addition of brand new codes, change of description of product etc. It maintains the harmonized code list, and also a range 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. All of these 21 sections is further split up into 98 chapters. The chapters are further put into sub-headings to which particular HS Codes for different products are mentioned.
Every trader dealing in international market has to mention the particular code regarding his product in all the forms along with important paperwork that must be filled up at time of export import. All the related activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are finished in reference to the code mentioned inside the papers. Hence one know that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, it would have been very troublesome for participants to track down a particular segment of items. The list presents the product coding with amount of categories, simplifying the procedure of importers and exporters. You can easily access this code list over the Apply IEC Online India world with the internet data companies like Infodrive Indian. Besides providing a comprehensive HS tariff list, organization has also provided an interior search box for searching the codes of particular goods via entering the product’s such as :.