Harmonized code or HS Code is an inevitable aspect of the import export deal. It is a unique numerical code used on various products and commodities required while shipping from nation 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 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 provides 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 fashionable ID assigned to a particular trading product, which is by simply 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 existing harmonized code place. The authority carries out periodical activities like commodity description, weeding the particular defunct codes, addition most recent codes, change of description of product etc. It maintains the harmonized IEC Code Online Application India list, which is a number of such codes classified under 21 business units. 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 chapters. The chapters are further divided 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 associated with his product in all the forms and also important paperwork that must be filled up at the time of import and export. All the related activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are carried out in experience of the code mentioned in the papers. Hence one know 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 the traders to watch for a particular segment of products. The list presents the entire product coding with amount of categories, simplifying the procedure of importers and exporters. You can easily access this code list over the online world with the internet data companies like Infodrive The indian subcontinent. Besides providing an end HS tariff list, organization has also provided an interior search box for searching the codes of particular goods because of entering the product’s makers.