Harmonized code or HS Code can be an inevitable aspect within the import export commerce. It is a unique numerical code assigned to various products and commodities required while shipping from one country to another. Its 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 your 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 the requirements of the international trading community belonging to the country. The code is basically, a good ID assigned using a particular trading product, which is utilized by more than 200 countries across society.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes in the existing harmonized code list of reasons. The authority performs periodical activities like commodity description, weeding the actual defunct codes, addition of the latest codes, change of product description etc. It maintains the harmonized code list, which is a collection 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. Each of these 21 sections is further divided into 98 chapters. The chapters are further split into sub-headings under which particular HS Codes for several products are mentioned.
Every trader dealing in international market has to say the particular code connected with his product in all of the forms as well important paperwork that to be able to filled up at period of import and export. All the attached activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are executed in experience with the IEC Code Online Application India mentioned inside of the papers. Hence one can say that these codes are mandatory while dealing in foreign commerce. If the HS tariff list was not available, it have been very troublesome for participants to watch for a particular segment of products. The list presents the entire product coding with variety of of categories, simplifying the duty of importers and exporters. You in many cases can access this code list over the web with the internet data brands like Infodrive Sweden. Besides providing a comprehensive HS tariff list, the corporate has also provided an interior search box for searching the codes of particular goods via entering the product’s such as :.