Harmonized code or HS Code is an inevitable aspect of the import export dealings. It is a unique numerical code sent to various products and commodities required while shipping from one country to another. Around the globe used to describe particular goods your past 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 Apply IEC Online India. The international coding system has been adopted in India for export import action. 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 on the country. The code is basically, a good ID assigned using a particular trading product, which is used by more than 200 countries across the planet.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes previously existing harmonized code list of reasons. The authority does periodical pursuits like commodity description, weeding out of defunct codes, addition of recent codes, change of description of product etc. It maintains the harmonized code list, may a collection 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 divided into 98 sections. The chapters are further put into sub-headings this agreement particular HS Codes to target other products are mentioned.
Every trader dealing in international market has to say the particular code connected with his product in all the forms and also important paperwork that to be able to filled up at time of import and export. All the related activities like customs duty or excise duty or drawback rates or even exemption of commodities, are performed in hitting the ground with 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, end up being have been very troublesome for participants to investigation for a particular segment of merchandise. The list presents the full product coding with a number of categories, simplifying the task of importers and exporters. You is likely to access this code list over the internet with the internet data the likes of Infodrive India. Besides providing additional HS tariff list, organization has also provided an enclosed search box for searching the codes of particular goods it really is quite entering the product’s makers.