Harmonized code or HS Code a great inevitable aspect for the import export commerce. It is a unique numerical code assigned to various products and commodities required while shipping from one country to another. In order to used to describe particular goods regarding import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained by the Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export import action. It is an eight digit code provides 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 fashionable ID assigned a new particular trading product, which is utilized by more than 200 countries across the world.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes the actual existing harmonized code guidelines. The authority carries out periodical pursuits like commodity description, weeding the actual defunct codes, addition of the latest codes, change of description of product etc. It maintains the harmonized code list, which is a number 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. Every these 21 sections is further broken into 98 chapters. The chapters are further divided into sub-headings to which particular HS Codes to target different products are mentioned.
Every trader dealing in international market has to say the particular code connected with his product in all of the forms and also important paperwork that needs to filled up at time of Import Export Code Application Online India and export. 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 substitute. If the HS tariff list was not available, always be have been very troublesome for participants to search for a particular segment of merchandise. The list presents the whole of the product coding with variety of categories, simplifying the procedure of importers and exporters. You can potentially access this code list over the online world with the internet data the likes of Infodrive Sweden. Besides providing a complete HS tariff list, the corporation has also provided an internal search box for searching the codes of particular goods it really is quite entering the product’s bands.