Harmonized code or HS Code a great inevitable aspect of the import export trade. It is a unique numerical code allotted to various products and commodities required while shipping from one country to another. It is used to describe particular goods in the import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained your Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export import operations. It is an eight digit code provides been developed at par with the international coding system to suit the requirements of the international trading community on the country. The code is basically, a special ID assigned any particular trading product, which is by simply more than 200 countries across entire world.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes regarding existing harmonized code list. The authority carries out periodical pursuits like commodity description, weeding the actual defunct codes, addition of new codes, change of description of product etc. It maintains the harmonized code list, which is a bunch of such codes classified under 21 parts. 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 separated into 98 chapters. The chapters are further divided into sub-headings this agreement particular HS Codes to target different products are mentioned.
Every trader dealing in international market has to mention the particular code associated with his product in all the forms and other important paperwork that become filled up at time of Import Export Code Application Online India export. All the related activities like customs duty or excise duty or drawback rates or even exemption of commodities, are finished 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, it would have been very troublesome for participants to watch for a particular segment of products. The list presents the product coding with amount of categories, simplifying the procedure of importers and exporters. You in many cases can access this code list over the internet with the online data companies like Infodrive Indian. Besides providing an end HS tariff list, vehicle has also provided an inside search box for searching the codes of particular goods simply by entering the product’s companies.