Harmonized code or HS Code a good inevitable aspect for the import export trade. It is a unique numerical code assigned to various products and commodities required while shipping from one country to another. In order to 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 through Director General of Foreign Trade or DGFT India. The international coding system has been adopted in Apply IEC Online India for export import operations. It is an eight digit code provides been developed at par with the international coding system to suit the requirements of the international trading community from the country. The code is basically, a unique ID assigned a new particular trading product, which is used by more than 200 countries across the planet.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes in existing harmonized code listing. The authority performs periodical activities like commodity description, weeding the particular defunct codes, addition most recent codes, change of description of product etc. It maintains the harmonized code list, along with that is a number 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. All of these 21 sections is further broken 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 post the particular code associated with his product in all of the forms and other important paperwork that end up being filled up at the time of import export. All the related activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are carried out in example of the code mentioned inside the papers. Hence one know 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 search for a particular segment of items. The list presents the full product coding with variety of of categories, simplifying your responsibilities of importers and exporters. You can potentially access this code list over the internet with the internet data the likes of Infodrive The indian subcontinent. Besides providing additional HS tariff list, vehicle has also provided an indoor search box for searching the codes of particular goods it really is quite entering the product’s makers.