Harmonized code or HS Code is actually inevitable aspect in the import export dealings. It is a unique numerical code allotted to various products and commodities required while shipping from nation to another. 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 by the Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export import procedure. It is an eight digit code provides 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 good ID assigned the particular trading product, which is simply by more than 200 countries across society.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes previously existing harmonized code list of reasons. The authority carries out periodical pursuits like commodity description, weeding beyond defunct codes, addition of recent codes, change of description of product etc. It maintains the harmonized code list, along with that is a collection 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. Each of these 21 sections is further split up into 98 sections. The chapters are further split into sub-headings to which particular HS Codes for different products are mentioned.
Every trader dealing in international market has to mention the particular code involving his product in all of the forms along with important paperwork that must be filled up at period of export import. All the attached activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are finished in experience with the code mentioned inside the papers. Hence one can tell that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, end up being have been very troublesome for the traders to investigation for a particular segment of items. The list presents the sum of the product coding with amount of categories, simplifying the duty of importers and exporters. You in many cases can access this code list over the world wide web with the Apply IEC Online India data the likes of Infodrive Of india. Besides providing an end HS tariff list, the corporate has also provided an internal search box for searching the codes of particular goods simply by entering the product’s companies.