Harmonized code or HS Code can be an inevitable aspect in the import export make trades. It is a unique numerical code allotted to various products and commodities required while shipping from nation to another. In order to 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 Apply IEC Online India. The international coding system has been adopted in India for export import function. It is an eight digit code which been developed at par with the international coding system to suit automobile of the international trading community belonging to the country. The code is basically, a good ID assigned the particular trading product, which is through more than 200 countries across society.
DGFT India in the governing authority that looks after the changes or formulation or addition of new codes previously existing harmonized code list. The authority carries out periodical pursuits like commodity description, weeding the actual defunct codes, addition of recent codes, change of description of product etc. It maintains the harmonized code list, and also a selection of such codes classified under 21 business units. 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. All of these 21 sections is further split up into 98 chapters. The chapters are further divided into sub-headings under which particular HS Codes to target different products are mentioned.
Every trader dealing in international market has to bring up the particular code associated with his product in all the forms along with important paperwork that end up being filled up at time of export import. All the related activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are finished in hitting the ground with the code mentioned in the papers. Hence one can tell that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, it would have been very troublesome for participants to watch for a particular segment of products. The list presents the entire product coding with variety of categories, simplifying the duty of importers and exporters. You can easily access this code list over the web with the internet data the likes of Infodrive Indian. Besides providing a comprehensive HS tariff list, the corporation has also provided an indoor search box for searching the codes of particular goods it really is quite entering the product’s names.