Harmonized code or HS Code can be an inevitable aspect in the import export trade. It is a unique numerical code allotted to various products and commodities required while shipping from nation to another. It is used to describe particular goods within 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 techniques. 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 to a particular trading product, which is through more than 200 countries across the planet.
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 activities like commodity description, weeding beyond defunct codes, addition of the latest codes, change of description of product etc. It maintains the harmonized code list, which is a bunch 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. 1 of these 21 sections is further split up into 98 chapters. The chapters are further split into sub-headings under which particular HS Codes to target other products are mentioned.
Every trader dealing in international market has to note the particular code associated with his product in all of the forms along with important paperwork that become filled up at the time of import and export. All the related activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are performed in experience with 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, end up being have been very troublesome for participants to investigation for a particular segment of products. The list presents the entire product coding with variety of categories, simplifying the procedure of importers and exporters. You can potentially access this IEC Code Online Application India list over the world wide web with the online data the likes of Infodrive Indian. Besides providing a detailed HS tariff list, the corporate has also provided an enclosed search box for searching the codes of particular goods by way of entering the product’s makers.