Harmonized code or HS Code is actually inevitable aspect for the import export trade. It is a unique numerical code used on various products and commodities required while shipping from nation to another. Its used to describe particular goods within the import export trading platform.
The ITC HS Code List or Apply IEC Online 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 India for export import function. 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 unique ID assigned a new particular trading product, which is simply by more than 200 countries across earth.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes regarding existing harmonized code place. The authority carries out periodical activities like commodity description, weeding out of defunct codes, addition of new codes, change of product description etc. It maintains the harmonized code list, which is a range 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. Each of these 21 sections is further put into 98 chapters. 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 post the particular code connected with his product in all of the forms as well 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 perhaps the exemption of commodities, are carried out in experience with the code mentioned ultimately papers. Hence one know that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, it would have been very troublesome for participants to search for a particular segment of merchandise. The list presents the product coding with amount of categories, simplifying your responsibilities of importers and exporters. You is likely to access this code list over the world wide web with the internet data the likes of Infodrive The indian subcontinent. Besides providing additional HS tariff list, organization has also provided an inside search box for searching the codes of particular goods because of entering the product’s makers.