Harmonized code or HS Code can be an inevitable aspect of the import export trade. It is a unique numerical code assigned to various products and commodities required while shipping from nation to another. In order to used to describe particular goods in 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 action. 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 for the country. The code is basically, a good ID assigned to a particular trading product, which is by simply more than 200 countries across the world.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes in the existing harmonized code place. The authority performs periodical activities like commodity description, weeding beyond defunct codes, addition of new codes, change of product description etc. It maintains the harmonized code list, which is 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. Each of these 21 sections is further put into 98 sections. The chapters are further divided into sub-headings this agreement particular HS Codes many products are mentioned.
Every trader dealing in international market has to say the particular code regarding his product in all the forms along with important paperwork that to be able to filled up at period of import and export. All the attached 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 ultimately papers. Hence one know that these codes are mandatory while dealing in foreign commerce. If the HS tariff list was not available, might have been very troublesome for participants to investigation for a particular segment of merchandise. The list presents the full product coding with variety of of categories, simplifying the task of importers and exporters. You is likely to access this code list over the net with the Apply IEC Online India data companies like Infodrive Sweden. Besides providing a complete HS tariff list, vehicle has also provided an internal search box for searching the codes of particular goods it really is quite entering the product’s companies.