Harmonized code or HS Code a great inevitable aspect within the import export make trades. It is a unique numerical code used on various products and commodities required while shipping from one country to another. Around the globe used to describe particular goods within the import export trading platform.
The ITC HS Code List or Apply IEC Online India harmonized code list is regulated and maintained from the 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 which includes been developed at par with the international coding system to suit automobile of the international trading community for the country. The code is basically, a fashionable ID assigned the particular trading product, which is through more than 200 countries across the planet.
DGFT India in the governing authority that looks after the changes or formulation or addition of new codes in existing harmonized code listing. The authority does periodical pursuits like commodity description, weeding beyond defunct codes, addition of new codes, change of description of product etc. It maintains the harmonized code list, which is a collection 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. Every these 21 sections is further put into 98 chapters. The chapters are further divided into sub-headings to which particular HS Codes to target other products are mentioned.
Every trader dealing in international market has to mention the particular code number of his product in all of the forms along with important paperwork that must be filled up at the time of import export. All the related activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are finished in experience of the code mentioned in the papers. Hence one can say 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 items. The list presents the whole of the product coding with a lot 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 companies like Infodrive The indian subcontinent. Besides providing an end HS tariff list, the corporate has also provided an internal search box for searching the codes of particular goods because of entering the product’s companies.