Harmonized code or HS Code is actually inevitable aspect of this import export make trades. It is a unique numerical code allotted to various products and commodities required while shipping from nation to another. Its used to describe particular goods your import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained your 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 been developed at par with the international coding system to suit the requirements of the international trading community on the country. The code 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 takes care of the changes or formulation or addition of new codes in the existing harmonized code guidelines. The authority does periodical activities like commodity description, weeding the actual defunct codes, addition of new codes, change of description of product etc. It maintains the harmonized code list, along with that is a selection 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. 1 of these 21 sections is further divided into 98 chapters. The chapters are further split up into sub-headings to which particular HS Codes to target different products are mentioned.
Every trader dealing in international market has to note the particular code associated with his product in all of the forms and also important paperwork that to be able to filled up at period of import and export. All the attached activities like customs duty or excise duty or drawback rates or even exemption of commodities, are executed in experience with the code mentioned in the papers. Hence one can tell that these codes are mandatory while dealing in foreign substitute. If the HS tariff list was not available, it have been very troublesome for the traders to watch for a particular segment of merchandise. The list presents the whole of the product coding with a lot of of categories, simplifying the procedure of importers and exporters. You can potentially access this code list over the world wide web with the Apply IEC Online India data the likes of Infodrive Indian. Besides providing an end HS tariff list, the corporation has also provided an indoor search box for searching the codes of particular goods because of entering the product's makers.