Harmonized code or HS Code a good 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 regarding 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 function. It is an eight digit code provides been developed at par with the international coding system to suit vehicle of the international trading community from the country. The code is basically, a unique ID assigned to a particular trading product, which is through more than 200 countries across earth.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes previously existing harmonized code listing. The authority does periodical pursuits like commodity description, weeding the actual defunct codes, addition of new codes, change of description of product etc. It maintains the harmonized code list, which is a range 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. Every these 21 sections is further put into 98 sections. The chapters are further split into sub-headings under which particular HS Codes to target other products are mentioned.
Every trader dealing in international market has to say the particular code involving his product in all of the forms as well important paperwork that become filled up at period of export import. All the related activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are executed in reference to the code mentioned inside the papers. Hence one can say that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, it would have been very troublesome for participants to investigation for a particular segment of merchandise. The list presents the entire product coding with amount of categories, simplifying the duty of importers and exporters. You can easily access this code list over the world wide web with the Apply IEC Online India data manufacturers like Infodrive The indian subcontinent. Besides providing additional HS tariff list, the company has also provided an inside search box for searching the codes of particular goods via entering the product’s such as :.