Harmonized code or HS Code is actually inevitable aspect within the import export deal. It is a unique numerical code allotted to various products and commodities required while shipping from nation to another. It is 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 from your Director General of Foreign Trade or DGFT India. The international coding system has been adopted in Apply IEC Online India for export import operations. It is an eight digit code which 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 a new particular trading product, which is by simply more than 200 countries across society.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes previously existing harmonized code list of reasons. The authority performs periodical pursuits like commodity description, weeding beyond defunct codes, addition of recent 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 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. All of these 21 sections is further split up into 98 sections. The chapters are further put into sub-headings under which particular HS Codes for different products are mentioned.
Every trader dealing in international market has post the particular code involving his product in all of the forms and also important paperwork that to be able to filled up at the time of export import. All the attached activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are finished in hitting the ground with the code mentioned in the papers. Hence one can tell 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 participants to watch for a particular segment of items. The list presents the whole of the product coding with variety of of categories, simplifying the task of importers and exporters. You can easily access this code list over the world wide web with the internet data companies like Infodrive Sweden. Besides providing additional HS tariff list, organization has also provided an enclosed search box for searching the codes of particular goods it really is quite entering the product’s such as :.