Harmonized code or HS Code can be an inevitable aspect within the import export commerce. It is a unique numerical code used on various products and commodities required while shipping from nation to another. It is used to describe particular goods your past 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 Apply IEC Online 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 on the country. The code is basically, a good ID assigned to a particular trading product, which is used by more than 200 countries across the planet.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes regarding existing harmonized code list of reasons. The authority performs periodical activities like commodity description, weeding the particular defunct codes, addition of brand new codes, change of description of product etc. It maintains the harmonized code list, which 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 divided into 98 chapters. The chapters are further put into sub-headings under which particular HS Codes many products are mentioned.
Every trader dealing in international market has post the particular code number of his product in all the forms and also important paperwork that to be able to filled up at period of export import. All the attached activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are executed in example of the code mentioned inside the papers. Hence one can tell that these codes are mandatory while dealing in foreign commerce. If the HS tariff list was not available, it have been very troublesome for the traders to track down a particular segment of merchandise. The list presents the entire product coding with variety of of categories, simplifying the duty of importers and exporters. You can easily access this code list over the internet with the internet data manufacturers like Infodrive Of india. Besides providing additional HS tariff list, the corporate has also provided an enclosed search box for searching the codes of particular goods via entering the product’s bands.