Harmonized code or HS Code a great inevitable aspect in the import export make trades. It is a unique numerical code allotted to various products and commodities required while shipping from one country to another. In order to used to describe particular goods regarding Import Export Code Application Online India export trading platform.
The ITC HS Code List or 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 action. It is an eight digit code provides been developed at par with the international coding system to suit automobile of the international trading community of the country. The code is basically, a good ID assigned using a particular trading product, which is utilized by more than 200 countries across earth.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes the actual existing harmonized code list. The authority does periodical pursuits like commodity description, weeding the defunct codes, addition most recent codes, change of product description etc. It maintains the harmonized code list, which is a bunch of such codes classified under 21 parts. 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 split up into 98 chapters. The chapters are further put into sub-headings under which particular HS Codes for several products are mentioned.
Every trader dealing in international market has to bring up the particular code regarding his product in all the forms and also important paperwork that needs to filled up at time of import and export. All the attached activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are executed in experience with the code mentioned inside of 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 track down a particular segment of products. The list presents the whole of the product coding with a lot of of categories, simplifying the procedure of importers and exporters. You in many cases can access this code list over the web with the online data businesses like Infodrive India. Besides providing a comprehensive HS tariff list, the corporation has also provided an internal search box for searching the codes of particular goods by way of entering the product’s names.