Harmonized code or HS Code a great inevitable aspect of this import export deal. It is a unique numerical code allotted to various products and commodities required while shipping from one country to another. Is used to describe particular goods in the Import Export Code Application Online India 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 operations. It is an eight digit code which includes been developed at par with the international coding system to suit vehicle of the international trading community from the country. The code is basically, a unique ID assigned any particular trading product, which is through more than 200 countries across entire world.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes the actual existing harmonized code list of reasons. The authority carries out periodical pursuits like commodity description, weeding the defunct codes, addition of brand new codes, change of description of product etc. It maintains the harmonized code list, along with that is a collection of such codes classified under 21 sectors. 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 split up into 98 chapters. The chapters are further divided into sub-headings to which particular HS Codes for several products are mentioned.
Every trader dealing in international market has to bring up the particular code associated with his product in all of the forms as well important paperwork that to be able to filled up at time of export import. All the attached activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are carried out in hitting the ground with the code mentioned inside the papers. Hence one can tell that these codes are mandatory while dealing in foreign substitute. If the HS tariff list was not available, might have been very troublesome for participants to search for a particular segment of products. The list presents the sum of the product coding with a lot of of categories, simplifying a job of importers and exporters. You is likely to access this code list over the net with the internet data companies like Infodrive Of india. Besides providing an end HS tariff list, the company has also provided an internal search box for searching the codes of particular goods it really is quite entering the product’s bands.