Harmonized code or HS Code can be an inevitable aspect of the import export deal. It is a unique numerical code sent 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 from the Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export import function. It is an eight digit code which has been developed at par with the international coding system to suit the requirements of the international trading community belonging to the country. The code is basically, a good ID assigned using a particular trading product, which is by simply more than 200 countries across society.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes in existing harmonized code list of reasons. The authority does periodical pursuits like commodity description, weeding out of defunct codes, addition most recent codes, change of product description etc. It maintains the harmonized IEC Code Online Application India list, along with that is a number 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. 1 of these 21 sections is further broken into 98 chapters. 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 bring up the particular code associated with his product in all of the forms and other important paperwork that must be filled up at period of export import. All the attached activities like customs duty or excise duty or drawback rates or even exemption of commodities, are executed in experience of the code mentioned ultimately papers. Hence one know that these codes are mandatory while dealing in foreign substitute. If the HS tariff list was not available, it have been very troublesome for the traders to track down a particular segment of products. The list presents the full product coding with a number of categories, simplifying the task of importers and exporters. You can potentially access this code list over the web with the online data manufacturers like Infodrive Sweden. Besides providing a complete HS tariff list, organization has also provided an enclosed search box for searching the codes of particular goods because of entering the product’s companies.