Harmonized code or HS Code is an inevitable aspect for the import export trade. It is a unique numerical code assigned to various products and commodities required while shipping from one country to another. Around the globe used to describe particular goods in the import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained from your 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 provides been developed at par with the international coding system to suit vehicle of the international trading community belonging to the country. The IEC Code Online Application India is basically, a fashionable ID assigned a new particular trading product, which is simply by more than 200 countries across the planet.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes the actual existing harmonized code guidelines. The authority performs periodical activities like commodity description, weeding the particular defunct codes, addition of the latest codes, change of product description etc. It maintains the harmonized code list, which is a number 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. Both these 21 sections is further split up into 98 chapters. The chapters are further divided into sub-headings under which particular HS Codes many products are mentioned.
Every trader dealing in international market has to mention the particular code involving his product in all the forms as well important paperwork that to be able to filled up at period of import and export. All the related activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are performed in example of the code mentioned inside the papers. Hence one can say that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, end up being have been very troublesome for the traders to investigation for a particular segment of products. The list presents the sum of the product coding with amount of categories, simplifying the duty of importers and exporters. You in many cases can access this code list over the online world with the internet data companies like Infodrive The indian subcontinent. Besides providing a complete HS tariff list, the company has also provided an indoor search box for searching the codes of particular goods by way of entering the product’s names.