Harmonized code or HS Code a good inevitable aspect of this import export deal. 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 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 action. It is an eight digit code that has been developed at par with the international coding system to suit vehicle of the international trading community on the country. The IEC Code Online Application India is basically, a fashionable ID assigned any particular trading product, which is by simply 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 of reasons. The authority carries out periodical activities like commodity description, weeding out of defunct codes, addition of brand new codes, change of product description etc. It maintains the harmonized code list, and also a bunch 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. Each of these 21 sections is further split up into 98 chapters. The chapters are further divided into sub-headings to which particular HS Codes to target other products are mentioned.
Every trader dealing in international market has to bring up the particular code involving his product in all the forms along with important paperwork that end up being filled up at period of import and export. All the attached activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are finished in reference to the code mentioned in the papers. Hence one can tell that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, always be have been very troublesome for participants to watch for a particular segment of items. The list presents the product coding with amount of categories, simplifying your responsibilities of importers and exporters. You can easily access this code list over the internet with the online data manufacturers like Infodrive Indian. Besides providing a comprehensive HS tariff list, vehicle has also provided an internal search box for searching the codes of particular goods it really is quite entering the product’s names.