Harmonized code or HS Code a good inevitable aspect for the import export deal. It is a unique numerical code used on various products and commodities required while shipping from one country to another. Its 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 through Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export import function. It is an eight digit code which has been developed at par with the international coding system to suit the requirements of the international trading community on the country. The code is basically, a rare ID assigned to a particular trading product, which is utilized by more than 200 countries across society.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes in the existing harmonized code listing. The authority does periodical pursuits like commodity description, weeding the actual defunct codes, addition of recent codes, change of product description etc. It maintains the harmonized code list, along with that is a bunch 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. Each of these 21 sections is further broken into 98 sections. The chapters are further put into sub-headings this agreement particular HS Codes for several products are mentioned.
Every trader dealing in international market has to note the particular code involving his product in all of the forms along with important paperwork that must be filled up at the time of import export. All the related activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are performed in hitting the ground with the code mentioned inside of the papers. Hence one can tell 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 search for a particular segment of items. The list presents the whole of the product coding with amount of categories, simplifying the duty of importers and exporters. You can easily access this code list over the Apply IEC Online India world with the online data manufacturers like Infodrive Sweden. Besides providing an end HS tariff list, the corporation has also provided an inside search box for searching the codes of particular goods simply by entering the product’s companies.