Harmonized code or HS Code is actually inevitable aspect of the import export deal. It is a unique numerical code assigned to various products and commodities required while shipping from one country to another. It is used to describe particular goods regarding import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained your Director General of Foreign Trade or dgft IE Code Online Application Procedure India 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 automobile of the international trading community on the country. The code is basically, a rare ID assigned using a particular trading product, which is used by more than 200 countries across the world.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes in existing harmonized code list. The authority carries out periodical activities like commodity description, weeding the actual defunct codes, addition most recent codes, change of product description etc. It maintains the harmonized code list, which is a number 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. All of these 21 sections is further put into 98 chapters. The chapters are further separated into sub-headings to which particular HS Codes to target different products are mentioned.
Every trader dealing in international market has to say the particular code associated with his product in all of the forms and also important paperwork that end up being filled up at the time of import export. All the related activities like customs duty or excise duty or drawback rates or the actual 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 return. 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 merchandise. The list presents the sum of the product coding with a number of categories, simplifying the duty of importers and exporters. You can easily access this code list over the web with the online data businesses like Infodrive Indian. Besides providing a detailed HS tariff list, organization has also provided an inside search box for searching the codes of particular goods simply by entering the product’s makers.