Harmonized code or HS Code can be an inevitable aspect within the import export trade. It is a unique numerical code used on various products and commodities required while shipping from one country to another. It is used to describe particular goods regarding import export trading platform.
The ITC HS Code List or Apply IEC Online 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 techniques. It is an eight digit code which been developed at par with the international coding system to suit vehicle of the international trading community on the country. The code is basically, a fashionable ID assigned a new particular trading product, which is through more than 200 countries across the world.
DGFT India in the governing authority that looks after 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 particular defunct codes, addition of recent codes, change of description of product etc. It maintains the harmonized code list, along with that is a range 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. All of these 21 sections is further broken 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 post the particular code regarding his product in all the forms because important paperwork that to be able to filled up at period of import export. All the related activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are performed in experience with the code mentioned in the papers. Hence one know that these codes are mandatory while dealing in foreign commerce. If the HS tariff list was not available, always be have been very troublesome for participants to track down a particular segment of items. The list presents the entire product coding with a number of categories, simplifying the procedure of importers and exporters. You can easily access this code list over the web with the internet data brands like Infodrive Of india. Besides providing a detailed HS tariff list, the corporate has also provided an indoor search box for searching the codes of particular goods because of entering the product’s companies.