Harmonized code or HS Code is an inevitable aspect in the import export deal. It is a unique numerical code sent to various products and commodities required while shipping from one country to another. It is used to describe particular goods within the 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 techniques. It is an eight digit code which includes been developed at par with the international coding system to suit vehicle of the international trading community of the country. The code is basically, a rare ID assigned the particular trading product, which is utilized by more than 200 countries across the planet.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes in existing harmonized code list of reasons. The authority does periodical pursuits like commodity description, weeding beyond defunct codes, addition most recent codes, change of product description etc. It maintains the harmonized code list, along with that is 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. 1 of these 21 sections is further put into 98 sections. The chapters are further divided into sub-headings under which particular HS Codes to target other products are mentioned.
Every trader dealing in international market has to mention the particular code associated with his product in all of the forms along with 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 perhaps the exemption of commodities, are performed in experience of the code mentioned in the papers. Hence one can say that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, end up being have been very troublesome for the traders to watch for a particular segment of items. The list presents the sum of the product coding with a lot of of categories, simplifying the duty of importers and exporters. You in many cases can access this code list over the net with the internet data brands like Infodrive Of Apply IEC Online India. Besides providing a complete HS tariff list, vehicle has also provided an internal search box for searching the codes of particular goods via entering the product’s companies.