Harmonized code or HS Code is an inevitable aspect within the import export trade. It is a unique numerical IEC Code Online Application India allotted to various products and commodities required while shipping from nation to another. Around the globe used to describe particular goods regarding import export trading platform.
The ITC HS Code List or 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 action. 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 good ID assigned using a particular trading product, which is simply by more than 200 countries across the world.
DGFT India in the governing authority that looks after the changes or formulation or addition of new codes in existing harmonized code guidelines. The authority does periodical pursuits like commodity description, weeding beyond defunct codes, addition most recent codes, change of description of product etc. It maintains the harmonized code list, which is a selection of such codes classified under 21 pieces. 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 broken into 98 sections. The chapters are further separated into sub-headings under which particular HS Codes to target different products are mentioned.
Every trader dealing in international market has post the particular code connected with his product in all of the forms as well important paperwork that end up being filled up at time of import and export. All the related activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are carried out in experience with the code mentioned inside of the papers. Hence one can say that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, always be 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 number of categories, simplifying your responsibilities of importers and exporters. You can potentially access this code list over the net with the internet data the likes of Infodrive The indian subcontinent. Besides providing a comprehensive HS tariff list, the corporation has also provided an interior search box for searching the codes of particular goods by way of entering the product’s makers.