Harmonized code or HS Code a good inevitable aspect in the import export deal. It is a unique numerical code allotted to various products and commodities required while shipping from nation to another. Around the globe used to describe particular goods your import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained your 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 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 using a particular trading product, which is used by more than 200 countries across entire world.
DGFT India in the governing authority that takes care of the changes or formulation or addition of new codes regarding existing harmonized code listing. The authority does periodical pursuits like commodity description, weeding the actual defunct codes, addition of the latest codes, change of description of product etc. It maintains the harmonized code list, along with that is 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. 1 of these 21 sections is further put into 98 chapters. The chapters are further split up into sub-headings under which particular HS Codes for different products are mentioned.
Every trader dealing in international market has to mention the particular code number of his product in all of the forms and other important paperwork that end up being filled up at the time of import export. All the related activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are carried out in reference to the code mentioned ultimately papers. Hence one can say that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, always be have been very troublesome for participants to watch for a particular segment of products. The list presents the full product coding with a lot of of categories, simplifying the task of importers and exporters. You could access this code list over the Apply IEC Online India world with the internet data manufacturers like Infodrive Of india. Besides providing additional HS tariff list, the corporation has also provided an enclosed search box for searching the codes of particular goods by way of entering the product’s makers.