Harmonized code or HS Code is an inevitable aspect of this import export deal. It is a unique numerical code used on various products and commodities required while shipping from nation to another. In order to 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 by 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 that has been developed at par with the international coding system to suit the requirements of the international trading community belonging to the country. The code is basically, a special ID assigned using a particular trading product, which is simply by more than 200 countries across earth.
DGFT India in the governing authority that takes care of the changes or formulation or addition of new codes the actual existing harmonized code place. The authority performs periodical activities like commodity description, weeding the particular defunct codes, addition of new codes, change of description of product etc. It maintains the harmonized code list, and also a bunch 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. Both these 21 sections is further put into 98 sections. The chapters are further separated into sub-headings to which particular HS Codes many products are mentioned.
Every trader dealing in international market has to note the particular code involving his product in all the forms along with 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 perhaps the exemption of commodities, are executed in reference to the code mentioned ultimately papers. Hence one can say that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, it would have been very troublesome for participants to watch for a particular segment of merchandise. The list presents the whole of the product coding with variety of of categories, simplifying a job of importers and exporters. You can potentially access this code list over the internet with the internet data manufacturers like Infodrive India. Besides providing a complete HS tariff list, organization has also provided an internal search box for searching the codes of particular goods by way of entering the product’s names.