Harmonized code or HS Code can be an inevitable aspect in the import export deal. It is a unique numerical code assigned to various products and commodities required while shipping from nation to another. It is used to describe particular goods in the 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 operations. It is an eight digit code that has been developed at par with the international coding system to suit vehicle of the international trading community belonging to the country. The code is basically, a good ID assigned any particular trading product, which is through more than 200 countries across earth.
DGFT India in the governing authority that takes care of the changes or formulation or addition of new codes previously existing harmonized code list. The authority carries out periodical pursuits 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 collection of such codes classified under 21 parts. 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. Both these 21 sections is further broken into 98 chapters. The chapters are further split up into sub-headings under which particular HS Codes for several products are mentioned.
Every trader dealing in international market has post the particular code connected with his product in all the forms as well important paperwork that must be filled up at period of export import. All the attached activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are finished in reference to the code mentioned in the papers. Hence one can say that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, might have been very troublesome for the traders to search for a particular segment of merchandise. The list presents the whole of the product coding with a lot of of categories, simplifying the duty of importers and exporters. You can easily access this code list over the world wide web with the Apply IEC Online India data businesses like Infodrive The indian subcontinent. Besides providing additional HS tariff list, the corporation has also provided an internal search box for searching the codes of particular goods by way of entering the product’s bands.