Harmonized code or HS Code can be an inevitable aspect of this import export make trades. It is a unique numerical code assigned to various products and commodities required while shipping from one country to another. Around the globe 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 from the Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export Import Export Code Application Online India procedure. It is an eight digit code which includes been developed at par with the international coding system to suit vehicle of the international trading community from the country. The code is basically, a special ID assigned any particular trading product, which is through more than 200 countries across the world.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes previously existing harmonized code place. The authority carries out periodical activities like commodity description, weeding out of defunct codes, addition of the latest codes, change of description of product etc. It maintains the harmonized code list, along with that is a range 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. Every these 21 sections is further divided into 98 sections. The chapters are further put into sub-headings under which particular HS Codes to target different products are mentioned.
Every trader dealing in international market has to mention the particular code associated with his product in all of the forms because important paperwork that to be able to filled up at the time of export import. All the attached activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are carried out in reference to the code mentioned inside of the papers. Hence one can tell that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, it have been very troublesome for participants to investigation for a particular segment of merchandise. The list presents the full product coding with amount of categories, simplifying the task of importers and exporters. You can potentially access this code list over the online world with the internet data manufacturers like Infodrive The indian subcontinent. Besides providing a detailed HS tariff list, organization has also provided an enclosed search box for searching the codes of particular goods because of entering the product’s names.