Harmonized code or HS Code a good inevitable aspect in the import export dealings. It is a unique numerical code used on various products and commodities required while shipping from one country to another. It 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 vehicle of the international trading community of the country. The code is basically, a special ID assigned using 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 the actual existing harmonized code list. The authority carries out 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 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. All of these 21 sections is further split up into 98 chapters. The chapters are further split up into sub-headings this agreement particular HS Codes for different products are mentioned.
Every trader dealing in international market has to say the particular code number of his product in all of the forms and also 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 even the exemption of commodities, are finished in reference to the code mentioned in the papers. Hence one can say that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, always be have been very troublesome for participants to watch for a particular segment of items. 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 web with the Apply IEC Online India data companies like Infodrive Sweden. Besides providing a comprehensive HS tariff list, vehicle has also provided an enclosed search box for searching the codes of particular goods simply by entering the product’s companies.