Harmonized code or HS Code is actually inevitable aspect within the import export trade. It is a unique numerical code assigned to various products and commodities required while shipping from nation to another. Around the globe used to describe particular goods your import export trading platform.
The ITC HS Code List or Apply IEC Online 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 procedure. 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 special ID assigned any particular trading product, which is simply by 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 carries out periodical activities like commodity description, weeding out of defunct codes, addition of the latest codes, change of description of product etc. It maintains the harmonized code list, which is 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 chapters. The chapters are further separated into sub-headings this agreement particular HS Codes for several products are mentioned.
Every trader dealing in international market has to say the particular code regarding his product in all the forms and other important paperwork that end up being filled up at period of import and export. All the related activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are executed in example of the code mentioned inside the papers. Hence one can say that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, it have been very troublesome for the traders to watch for a particular segment of products. The list presents the sum of the product coding with variety of categories, simplifying a job of importers and exporters. You is likely to access this code list over the world wide web with the internet data companies like Infodrive Indian. Besides providing a complete HS tariff list, the company has also provided an enclosed search box for searching the codes of particular goods by way of entering the product’s such as :.