Harmonized code or HS Code is an inevitable aspect of the import export commerce. It is a unique numerical code allotted to various products and commodities required while shipping from nation to another. It is used to describe particular goods regarding 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 includes been developed at par with the international coding system to suit vehicle of the international trading community for the country. The code is basically, a good ID assigned any particular trading product, which is utilized 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 in existing harmonized code listing. The authority performs periodical pursuits like commodity description, weeding beyond defunct codes, addition of the latest codes, change of product description etc. It maintains the harmonized code list, may a range 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. Every these 21 sections is further divided into 98 sections. The chapters are further separated into sub-headings this agreement particular HS Codes to target other products are mentioned.
Every trader dealing in international market has to mention the particular code connected with his product in all the forms because important paperwork that become filled up at time of Import Export Code Application Online India export. All the related activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are carried out in experience with the code mentioned ultimately papers. Hence one know that these codes are mandatory while dealing in foreign commerce. 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 amount of categories, simplifying the procedure of importers and exporters. You can potentially access this code list over the net with the online data the likes of Infodrive Sweden. Besides providing an end HS tariff list, the company has also provided an internal search box for searching the codes of particular goods via entering the product’s companies.