Harmonized code or HS Code is an inevitable aspect of this import export commerce. It is a unique numerical IEC Code Online Application India assigned to various products and commodities required while shipping from one country to another. It is 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 action. It is an eight digit code which been developed at par with the international coding system to suit the requirements of the international trading community for the country. The code is basically, a fashionable ID assigned any particular trading product, which is simply by more than 200 countries across the world.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes in existing harmonized code listing. The authority performs periodical activities like commodity description, weeding the defunct codes, addition most recent codes, change of description of product etc. It maintains the harmonized code list, which is a range of such codes classified under 21 sections. 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 separated into 98 sections. The chapters are further put into sub-headings this agreement particular HS Codes to target other products are mentioned.
Every trader dealing in international market has to say the particular code regarding his product in all of the forms along with 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 the exemption of commodities, are carried out in reference to the code mentioned ultimately papers. Hence one know that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, it have been very troublesome for the traders to search for a particular segment of products. The list presents the full product coding with variety of categories, simplifying a job of importers and exporters. You is likely to access this code list over the internet with the internet data businesses like Infodrive Of india. Besides providing a complete HS tariff list, vehicle has also provided an enclosed search box for searching the codes of particular goods because of entering the product’s makers.