Harmonized code or HS Code is actually inevitable aspect within the import export deal. 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 techniques. It is an eight digit code which has been developed at par with the international coding system to suit vehicle of the international trading community belonging to the country. The code is basically, a fashionable ID assigned any particular trading product, which is through more than 200 countries across entire world.
DGFT India in the governing authority that looks after the changes or formulation or addition of new codes the actual existing harmonized code list of reasons. 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, which is a selection of such codes classified under 21 sectors. 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 put into 98 sections. The chapters are further split up into sub-headings under which particular HS Codes for several products are mentioned.
Every trader dealing in international market has to note the particular IEC Code Online Application India number of his product in all of the forms because important paperwork that end up being filled up at period of import export. All the related activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are performed in experience of the code mentioned in 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 whole of the product coding with amount of categories, simplifying a job of importers and exporters. You can easily access this code list over the web with the internet data manufacturers like Infodrive Of india. Besides providing additional HS tariff list, the company has also provided an enclosed search box for searching the codes of particular goods simply by entering the product’s companies.