Harmonized code or HS Code a great inevitable aspect for the import export commerce. It is a unique numerical code assigned to various products and commodities required while shipping from one country to another. Is 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 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 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 through more than 200 countries across the world.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes the actual existing harmonized IEC Code Online Application India listing. The authority performs periodical pursuits like commodity description, weeding the actual defunct codes, addition of brand new codes, change of description of product etc. It maintains the harmonized code list, which is a bunch of such codes classified under 21 sectors. 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 broken into 98 chapters. The chapters are further divided into sub-headings this agreement particular HS Codes for different products are mentioned.
Every trader dealing in international market has post the particular code involving his product in all of the forms along with important paperwork that end up being filled up at time of import export. All the attached activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are executed in example of the code mentioned in the papers. Hence one can say that these codes are mandatory while dealing in foreign substitute. If the HS tariff list was not available, it would have been very troublesome for the traders to investigation for a particular segment of products. The list presents the product coding with amount of categories, simplifying your responsibilities of importers and exporters. You can potentially access this code list over the online world with the online data the likes of Infodrive India. Besides providing an end HS tariff list, the corporate has also provided an enclosed search box for searching the codes of particular goods it really is quite entering the product’s names.