Harmonized code or HS Code is actually inevitable aspect within the import export dealings. It is a unique numerical code allotted to various products and commodities required while shipping from nation to another. Around the globe used to describe particular goods regarding import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained from the 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 has been developed at par with the international coding system to suit automobile of the international trading community on the country. The IEC Code Online Application India is basically, a good ID assigned a new particular trading product, which is by simply more than 200 countries across earth.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes previously existing harmonized code list. The authority performs periodical activities like commodity description, weeding the particular defunct codes, addition of recent codes, change of description of product etc. It maintains the harmonized code list, and also a bunch 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 split up into 98 sections. The chapters are further put into sub-headings this agreement particular HS Codes many products are mentioned.
Every trader dealing in international market has to mention the particular code associated with his product in all the forms because important paperwork that must be filled up at the time of import export. All the attached activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are finished in experience with the code mentioned in the papers. Hence one can tell that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, end up being have been very troublesome for participants to search for a particular segment of merchandise. The list presents the product coding with variety of categories, simplifying the procedure of importers and exporters. You is likely to access this code list over the online world with the internet data businesses like Infodrive Of india. Besides providing a complete HS tariff list, organization has also provided an interior search box for searching the codes of particular goods it really is quite entering the product’s companies.