Harmonized code or HS Code a good inevitable aspect in the import export deal. It is a unique numerical code allotted to various products and commodities required while shipping from nation to another. Is used to describe particular goods your 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 the requirements of the international trading community of the country. The code is basically, a unique ID assigned using a particular trading product, which is by simply more than 200 countries across the planet.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes in the existing harmonized code listing. The authority does periodical activities like commodity description, weeding the actual defunct codes, addition of the latest codes, change of description of product etc. It maintains the harmonized code list, may a selection 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 split up into 98 chapters. The chapters are further separated into sub-headings this agreement particular HS Codes to target different products are mentioned.
Every trader dealing in international market has to say the particular code associated with his product in all of the forms because important paperwork that become filled up at time of import and export. All the related activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are carried out in experience with the code mentioned inside of 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, might have been very troublesome for participants to search for a particular segment of items. The list presents the product coding with variety of of categories, simplifying the task of importers and exporters. You in many cases can access this code list over the world wide web with the Apply IEC Online India data companies like Infodrive Of india. Besides providing additional HS tariff list, organization has also provided an enclosed search box for searching the codes of particular goods because of entering the product’s such as :.