Harmonized code or HS Code is actually inevitable aspect within the import export commerce. It is a unique numerical code assigned to various products and commodities required while shipping from nation to another. Is 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 techniques. It is an eight digit code provides been developed at par with the international coding system to suit automobile of the international trading community from the country. The code is basically, a rare ID assigned to a particular trading product, which is simply by more than 200 countries across society.
DGFT Apply IEC Online India in the governing authority that covers the changes or formulation or addition of new codes regarding existing harmonized code place. The authority performs periodical pursuits like commodity description, weeding the defunct codes, addition of recent codes, change of description of product etc. It maintains the harmonized code list, and also a collection of such codes classified under 21 sections. 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 separated into 98 sections. The chapters are further split into sub-headings this agreement particular HS Codes many products are mentioned.
Every trader dealing in international market has post the particular code associated with his product in all of the forms and other important paperwork that end up being filled up at time of export import. All the attached 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 inside the papers. Hence one know that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, might have been very troublesome for the traders to watch for a particular segment of merchandise. The list presents the entire product coding with variety of of categories, simplifying the procedure of importers and exporters. You can potentially access this code list over the world wide web with the internet data the likes of Infodrive The indian subcontinent. Besides providing a detailed HS tariff list, organization has also provided an indoor search box for searching the codes of particular goods because of entering the product’s bands.