Harmonized code or HS Code a great inevitable aspect of this import export commerce. It is a unique numerical code used on various products and commodities required while shipping from one country to another. Is used to describe particular goods in the 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 action. It is an eight digit code provides been developed at par with the international coding system to suit vehicle of the international trading community on the country. The code is basically, a good ID assigned any particular trading product, which is utilized by more than 200 countries across entire world.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes the actual existing harmonized code listing. The authority does periodical pursuits like commodity description, weeding the actual defunct codes, addition of recent codes, change of description of product 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. Every these 21 sections is further broken into 98 sections. The chapters are further divided into sub-headings under which particular HS Codes for different products are mentioned.
Every trader dealing in international market has to bring up the particular code involving his product in all of the forms and other important paperwork that to be able to filled up at time of import export. All the attached activities like customs duty or excise duty or drawback rates or even exemption of commodities, are finished in experience of the code mentioned in 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 the traders to investigation for a particular segment of items. The list presents the whole of the product coding with a number of categories, simplifying the procedure of importers and exporters. You could access this code list over the internet with the Apply IEC Online India data brands like Infodrive Indian. Besides providing additional HS tariff list, the corporate has also provided an indoor search box for searching the codes of particular goods because of entering the product’s companies.