Harmonized code or HS Code a good inevitable aspect for the import export make trades. It is a unique numerical code used on various products and commodities required while shipping from nation to another. Is used to describe particular goods your import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained from your Director General of Foreign Trade or DGFT Apply IEC Online India. The international coding system has been adopted in India for export import procedure. 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 unique ID assigned any particular trading product, which is used by more than 200 countries across the world.
DGFT India in the governing authority that takes care of the changes or formulation or addition of new codes the actual existing harmonized code guidelines. The authority does periodical activities like commodity description, weeding out of defunct codes, addition of brand new codes, change of product description etc. It maintains the harmonized code list, along with that is a bunch 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. 1 of these 21 sections is further divided into 98 chapters. The chapters are further separated into sub-headings this agreement particular HS Codes for different products are mentioned.
Every trader dealing in international market has post the particular code connected with his product in all the forms and other important paperwork that needs to filled up at the time of import export. All the related activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are finished in experience of the code mentioned inside of the papers. Hence one know that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, it would have been very troublesome for participants to search for a particular segment of products. The list presents the whole of the product coding with a number of categories, simplifying the procedure of importers and exporters. You can easily access this code list over the internet with the internet data companies like Infodrive Indian. Besides providing an end HS tariff list, vehicle has also provided an internal search box for searching the codes of particular goods it really is quite entering the product’s makers.