Harmonized code or HS Code can be an inevitable aspect in the import export deal. It is a unique numerical code allotted to various products and commodities required while shipping from nation to another. Is used to describe particular goods within the 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 procedure. It is an eight digit code that 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 rare ID assigned a new particular trading product, which is by simply more than 200 countries across the world.
DGFT India in the governing authority that takes care of the changes or formulation or addition of new codes the actual existing harmonized code list. The authority does periodical activities like commodity description, weeding the particular defunct codes, addition of recent codes, change of product description etc. It maintains the harmonized code list, which is a bunch 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 put into 98 chapters. The chapters are further separated into sub-headings under which particular HS Codes for several products are mentioned.
Every trader dealing in international market has to bring up the particular code number of his product in all of the forms along with important paperwork that become filled up at time of export import. All the attached activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are carried out in hitting the ground with the code mentioned inside of the papers. Hence one can tell that these codes are mandatory while dealing in foreign substitute. If the HS tariff list was not available, might have been very troublesome for participants to search for a particular segment of merchandise. The list presents the sum of the product coding with a lot of of categories, simplifying the procedure of importers and exporters. You can potentially access this code list over the world wide web with the Apply IEC Online India data brands like Infodrive Sweden. Besides providing an end HS tariff list, the corporate has also provided an internal search box for searching the codes of particular goods simply by entering the product’s such as :.