Harmonized code or HS Code a great inevitable aspect of this import export deal. It is a unique numerical code assigned to various products and commodities required while shipping from one country to another. 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 Export Code Application Online India function. 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 fashionable ID assigned a new particular trading product, which is simply by more than 200 countries across earth.
DGFT India in the governing authority that looks after the changes or formulation or addition of new codes in the existing harmonized code listing. The authority performs periodical activities like commodity description, weeding the defunct codes, addition of new codes, change of product description etc. It maintains the harmonized code list, may a selection 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. Both these 21 sections is further put into 98 sections. The chapters are further split up into sub-headings to which particular HS Codes to target other products are mentioned.
Every trader dealing in international market has to note the particular code regarding his product in all the forms and also important paperwork that must be filled up at time of import and export. All the attached activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are performed in example of the code mentioned in the papers. Hence one can tell that these codes are mandatory while dealing in foreign substitute. If the HS tariff list was not available, always be have been very troublesome for the traders to watch for a particular segment of merchandise. The list presents the entire product coding with variety of of categories, simplifying the procedure of importers and exporters. You can potentially access this code list over the web with the internet data brands like Infodrive Indian. Besides providing a complete HS tariff list, the corporate has also provided an indoor search box for searching the codes of particular goods via entering the product’s names.