Harmonized code or HS Code is an inevitable aspect of this import export make trades. 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 regarding 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 India for export import techniques. It is an eight digit code which 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 special ID assigned a new particular trading product, which is utilized by more than 200 countries across the world.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes in the existing harmonized code list. The authority performs periodical pursuits like commodity description, weeding beyond 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 sections. 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 separated into 98 chapters. The chapters are further split into sub-headings to which particular HS Codes many products are mentioned.
Every trader dealing in international market has to say the particular code involving his product in all the forms as well important paperwork that become filled up at the time of import export. All the related activities like customs duty or excise duty or drawback rates or even exemption of commodities, are finished in reference to the code mentioned inside of the papers. Hence one can tell that these codes are mandatory while dealing in foreign return. 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 product coding with variety of of categories, simplifying your responsibilities of importers and exporters. You can potentially access this code list over the Apply IEC Online India world with the internet data companies like Infodrive Sweden. Besides providing an end HS tariff list, the company has also provided an interior search box for searching the codes of particular goods by way of entering the product’s companies.