Harmonized code or HS Code a good inevitable aspect in the import export deal. 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 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 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 good ID assigned using a particular trading product, which is simply by more than 200 countries across the planet.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes previously existing harmonized code guidelines. The authority does periodical activities like commodity description, weeding the defunct codes, addition of brand new codes, change of product description etc. It maintains the harmonized code list, may a collection 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. 1 of these 21 sections is further separated into 98 sections. The chapters are further divided into sub-headings under which particular HS Codes to target other products are mentioned.
Every trader dealing in international market has to say the particular code associated with his product in all the forms along with important paperwork that end up being filled up at the time of import export. All the attached activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are carried out in reference to the code mentioned ultimately papers. Hence one can say that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, end up being have been very troublesome for participants to search for a particular segment of items. The list presents the whole of the product coding with variety of of categories, simplifying your responsibilities of importers and exporters. You is likely to access this IEC Code Online Application India list over the online world with the online data brands like Infodrive Sweden. Besides providing a comprehensive HS tariff list, organization has also provided an inside search box for searching the codes of particular goods simply by entering the product’s companies.