Harmonized code or HS Code is an inevitable aspect of this import export dealings. It is a unique numerical code allotted to various products and commodities required while shipping from one country to another. Around the globe 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 techniques. It is an eight digit code which has been developed at par with the international coding system to suit vehicle of the international trading community belonging to the country. The code is basically, a good ID assigned the particular trading product, which is simply by more than 200 countries across society.
dgft IE Code Online Application Procedure India India in the governing authority that looks after the changes or formulation or addition of new codes in the existing harmonized code list of reasons. The authority does periodical pursuits like commodity description, weeding out of defunct codes, addition most recent codes, change of product description 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. Both these 21 sections is further divided into 98 sections. The chapters are further separated into sub-headings to which particular HS Codes for several products are mentioned.
Every trader dealing in international market has to mention the particular code associated with his product in all of the forms along with important paperwork that to be able to filled up at time of import export. All the related activities like customs duty or excise duty or drawback rates or perhaps the 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 return. If the HS tariff list was not available, it have been very troublesome for participants to watch for a particular segment of items. The list presents the product coding with a number of categories, simplifying the duty of importers and exporters. You is likely to access this code list over the online world with the online data the likes of Infodrive Sweden. Besides providing a complete HS tariff list, organization has also provided an enclosed search box for searching the codes of particular goods via entering the product’s makers.