Harmonized code or HS Code is an inevitable aspect in the import export deal. It is a unique numerical code sent to 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 India harmonized code list is regulated and maintained through 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 vehicle of the international trading community of the country. The code is basically, a fashionable ID assigned the particular trading product, which is simply by 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 in the existing harmonized code list. The authority does periodical activities like commodity description, weeding the actual defunct codes, addition of new codes, change of product description etc. It maintains the harmonized code list, which is a number 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 put into 98 sections. The chapters are further separated 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 involving his product in all of the forms as well important paperwork that end up being filled up at time of import export. All the related activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are performed in example of the code mentioned ultimately papers. Hence one can tell that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, might have been very troublesome for the traders to watch for a particular segment of items. The list presents the whole of the product coding with a lot of of categories, simplifying your responsibilities of importers and exporters. You is likely to access this code list over the internet with the Apply IEC Online India data the likes of Infodrive Sweden. Besides providing a detailed HS tariff list, vehicle has also provided an internal search box for searching the codes of particular goods by way of entering the product’s such as :.