Harmonized code or HS Code a good inevitable aspect within the import export commerce. 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 import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained through 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 been developed at par with the international coding system to suit the requirements of the international trading community belonging to the country. The code is basically, a special ID assigned a new particular trading product, which is used by more than 200 countries across the planet.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes previously existing harmonized code listing. The authority does periodical pursuits like commodity description, weeding the defunct codes, addition of brand new codes, change of product description etc. It maintains the harmonized code list, may a selection 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. Both these 21 sections is further separated into 98 sections. The chapters are further separated into sub-headings under which particular HS Codes to target other products are mentioned.
Every trader dealing in international market has to say the particular code number of his product in all of the forms and other important paperwork that end up being filled up at the time of export import. All the related activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are executed in hitting the ground with the code mentioned in the papers. Hence one can tell that these codes are mandatory while dealing in foreign commerce. If the HS tariff list was not available, it would have been very troublesome for the traders to search for a particular segment of items. The list presents the product coding with variety of categories, simplifying the procedure of importers and exporters. You can potentially access this code list over the world wide web with the Apply IEC Online India data manufacturers like Infodrive Sweden. Besides providing additional HS tariff list, the corporation has also provided an indoor search box for searching the codes of particular goods simply by entering the product’s names.