Harmonized code or HS Code can be an inevitable aspect of the import export deal. It is a unique numerical code assigned to various products and commodities required while shipping from one country to another. In order to used to describe particular goods your past import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained by the 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 has been developed at par with the international coding system to suit vehicle 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 covers the changes or formulation or addition of new codes in the existing harmonized code guidelines. The authority does periodical pursuits like commodity description, weeding the defunct codes, addition of the latest codes, change of product description etc. It maintains the harmonized code list, may a collection of such codes classified under 21 pieces. 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 broken into 98 sections. The chapters are further split up into sub-headings this agreement particular HS Codes many products are mentioned.
Every trader dealing in international market has to bring up the particular code regarding his product in all the forms and also important paperwork that to be able to filled up at the time of import and export. All the attached activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are executed in experience of the code mentioned in the papers. Hence one know that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, always be have been very troublesome for the traders to track down a particular segment of items. The list presents the product coding with variety of of categories, simplifying the duty of importers and exporters. You can easily access this code list over the Apply IEC Online India world with the internet data brands like Infodrive Sweden. Besides providing a detailed HS tariff list, organization has also provided an interior search box for searching the codes of particular goods via entering the product’s makers.