Harmonized code or HS Code can be an inevitable aspect within the import export trade. It is a unique numerical code assigned to various products and commodities required while shipping from nation to another. Around the globe used to describe particular goods within the Import Export Code Application Online India 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 procedure. 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 for the country. The code is basically, a unique ID assigned using a 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 in 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 number 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 put into 98 sections. The chapters are further split up into sub-headings under which particular HS Codes many products are mentioned.
Every trader dealing in international market has to note the particular code connected with his product in all of the forms and also important paperwork that end up being filled up at period of import and export. All the attached activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are executed in reference to the code mentioned in the papers. Hence one know that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, it would have been very troublesome for the traders to investigation for a particular segment of products. The list presents the entire product coding with amount of categories, simplifying the task of importers and exporters. You could access this code list over the internet with the online data businesses like Infodrive Sweden. Besides providing a comprehensive HS tariff list, the corporate has also provided an internal search box for searching the codes of particular goods simply by entering the product’s makers.