Harmonized code or HS Code is actually inevitable aspect for the import export commerce. It is a unique numerical code used on various products and commodities required while shipping from one country 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 by the Director General of Foreign Trade or DGFT Apply IEC Online India. The international coding system has been adopted in India for export import techniques. 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 of the country. The code is basically, a unique ID assigned to a particular trading product, which is utilized by more than 200 countries across the world.
DGFT India in the governing authority that looks after the changes or formulation or addition of new codes regarding existing harmonized code place. The authority performs periodical pursuits like commodity description, weeding out of defunct codes, addition of brand new codes, change of product description etc. It maintains the harmonized code list, may a range 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. Every these 21 sections is further broken into 98 sections. The chapters are further divided into sub-headings to which particular HS Codes to target other products are mentioned.
Every trader dealing in international market has to bring up the particular code involving his product in all of the forms along with important paperwork that needs to filled up at the time of import and export. All the attached activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are performed in example of the code mentioned inside the papers. Hence one can tell that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, it have been very troublesome for the traders to track down a particular segment of products. The list presents the full product coding with a lot of of categories, simplifying your responsibilities of importers and exporters. You in many cases can access this code list over the web with the internet data companies like Infodrive India. Besides providing a complete HS tariff list, the company has also provided an interior search box for searching the codes of particular goods because of entering the product’s names.