Harmonized code or HS Code is actually 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. Around the globe 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 your Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export import action. It is an eight digit code that has been developed at par with the international coding system to suit automobile of the international trading community for the country. The code is basically, a good ID assigned using a particular trading product, which is through more than 200 countries across the planet.
DGFT India in the governing authority that takes care of the changes or formulation or addition of new codes in the existing harmonized code listing. The authority performs periodical pursuits like commodity description, weeding the particular defunct codes, addition of the latest codes, change of description of product etc. It maintains the harmonized code list, may a selection 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 separated 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 post the particular code connected with his product in all of the forms and also important paperwork that must be filled up at period of import export. All the related activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are finished in example of the code mentioned inside of the papers. Hence one know that these codes are mandatory while dealing in foreign commerce. If the HS tariff list was not available, might have been very troublesome for participants to track down a particular segment of items. The list presents the whole of the product coding with variety of categories, simplifying your responsibilities of importers and exporters. You can potentially access this code list over the web with the Apply IEC Online India data brands like Infodrive Sweden. Besides providing additional HS tariff list, vehicle has also provided an enclosed search box for searching the codes of particular goods simply by entering the product’s bands.