Harmonized code or HS Code a good inevitable aspect in the import export deal. It is a unique numerical code allotted to various products and commodities required while shipping from nation to another. Is used to describe particular goods regarding import export trading platform.
The ITC HS Code List or Apply IEC Online 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 procedure. It is an eight digit code which includes been developed at par with the international coding system to suit the requirements of the international trading community from the country. The code is basically, a special ID assigned using a particular trading product, which is used by more than 200 countries across earth.
DGFT India in the governing authority that looks after the changes or formulation or addition of new codes in the existing harmonized code guidelines. The authority does periodical pursuits like commodity description, weeding the particular defunct codes, addition of recent codes, change of product description etc. It maintains the harmonized code list, which is a number 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. Each of these 21 sections is further put into 98 chapters. The chapters are further split up into sub-headings to which particular HS Codes for different products are mentioned.
Every trader dealing in international market has to say the particular code involving his product in all the forms and also important paperwork that needs to filled up at the time of import and export. All the related activities like customs duty or excise duty or drawback rates or even exemption of commodities, are performed in experience with the code mentioned inside of the papers. Hence one can tell that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, might have been very troublesome for participants to watch for a particular segment of merchandise. The list presents the whole of the product coding with variety of of categories, simplifying the procedure of importers and exporters. You could access this code list over the internet with the internet data the likes of Infodrive Indian. Besides providing a complete HS tariff list, organization has also provided an enclosed search box for searching the codes of particular goods because of entering the product’s bands.