Harmonized code or HS Code a great inevitable aspect of the import export deal. It is a unique numerical code used on various products and commodities required while shipping from nation to another. It is 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 action. It is an eight digit code which has 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 good ID assigned any particular trading product, which is used by more than 200 countries across the planet.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes previously existing harmonized code place. The authority performs periodical activities like commodity description, weeding the particular defunct codes, addition of brand new codes, change of description of product etc. It maintains the harmonized code list, and also a selection of such codes classified under 21 parts. 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 divided into sub-headings under which particular HS Codes for several products are mentioned.
Every trader dealing in international market has to mention the particular code involving his product in all of the forms and also important paperwork that must be filled up at period of import export. All the attached activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are carried out in reference to the code mentioned in the papers. Hence one know that these codes are mandatory while dealing in foreign substitute. If the HS tariff list was not available, end up being have been very troublesome for participants to watch for a particular segment of items. The list presents the product coding with variety of of categories, simplifying the duty of importers and exporters. You can potentially access this code list over the internet with the Apply IEC Online India data the likes of Infodrive Of india. Besides providing a comprehensive HS tariff list, the company has also provided an internal search box for searching the codes of particular goods it really is quite entering the product’s bands.