Harmonized code or HS Code is an inevitable aspect of this import export deal. It is a unique numerical code used on 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 India harmonized code list is regulated and maintained by the 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 techniques. 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 belonging to the country. The code is basically, a unique ID assigned to a particular trading product, which is utilized by more than 200 countries across the world.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes previously existing harmonized code list. The authority carries out periodical activities like commodity description, weeding out of defunct codes, addition of brand new codes, change of product description etc. It maintains the harmonized code list, which 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. Both these 21 sections is further separated into 98 chapters. 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 bring up the particular code number of his product in all of the forms and other important paperwork that needs to filled up at the time of import and export. All the attached activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are performed in experience with the code mentioned inside 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 full product coding with a number of categories, simplifying the task of importers and exporters. You is likely to access this code list over the net with the internet data businesses like Infodrive The indian subcontinent. Besides providing an end HS tariff list, the company has also provided an inside search box for searching the codes of particular goods simply by entering the product’s bands.