Harmonized code or HS Code is actually inevitable aspect for the import export dealings. It is a unique numerical code sent 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 through 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 that has been developed at par with the international coding system to suit the requirements of the international trading community on the country. The code is basically, a special ID assigned any particular trading product, which is by simply more than 200 countries across earth.
DGFT India in the governing authority that looks after the changes or formulation or addition of new codes the actual 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, and also 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. Every these 21 sections is further separated into 98 sections. The chapters are further separated into sub-headings this agreement particular HS Codes many products are mentioned.
Every trader dealing in international market has to say the particular code regarding his product in all of the forms and other important paperwork that needs to filled up at the time of import export. All the related activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are carried out in hitting the ground with the code mentioned in the papers. Hence one can tell that these codes are mandatory while dealing in foreign substitute. If the HS tariff list was not available, it would have been very troublesome for participants to track down a particular segment of items. The list presents the product coding with variety of categories, simplifying the procedure of importers and exporters. You can potentially access this code list over the online world with the online data the likes of Infodrive Sweden. Besides providing an end HS tariff list, the company has also provided an enclosed search box for searching the codes of particular goods via entering the product’s names.