Harmonized code or HS Code a great inevitable aspect of this import export deal. It is a unique numerical code allotted to various products and commodities required while shipping from one country to another. In order to used to describe particular goods regarding import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained through 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 special ID assigned using a particular trading product, which is utilized by more than 200 countries across the world.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes previously existing harmonized code listing. The authority carries out periodical pursuits like commodity description, weeding beyond defunct codes, addition of the latest codes, change of description of product etc. It maintains the harmonized code list, and also a collection 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. Every these 21 sections is further separated into 98 chapters. The chapters are further divided into sub-headings this agreement particular HS Codes to target other products are mentioned.
Every trader dealing in international market has post the particular code number of his product in all of the forms and also important paperwork that must be filled up at period of import and export. All the related activities like customs duty or excise duty or drawback rates or even exemption of commodities, are executed in example of the code mentioned in the papers. Hence one can say that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, it have been very troublesome for the traders to search for a particular segment of items. The list presents the sum of the product coding with amount of categories, simplifying the task of importers and exporters. You can easily access this IEC Code Online Application India list over the online world with the online data companies like Infodrive Of india. Besides providing additional HS tariff list, organization has also provided an internal search box for searching the codes of particular goods via entering the product’s bands.