Harmonized code or HS Code is actually inevitable aspect in the import export commerce. It is a unique numerical code sent to various products and commodities required while shipping from nation to another. Is used to describe particular goods your import 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 techniques. It is an eight digit code which has 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 unique ID assigned using a particular trading product, which is simply by more than 200 countries across entire world.
dgft IE Code Online Application Procedure India India in the governing authority that takes care of the changes or formulation or addition of new codes in the existing harmonized code list. The authority carries out periodical pursuits like commodity description, weeding the defunct codes, addition of brand new codes, change of product description etc. It maintains the harmonized code list, and also a number 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. All of these 21 sections is further put into 98 sections. The chapters are further put into sub-headings to which particular HS Codes for different products are mentioned.
Every trader dealing in international market has to say the particular code regarding his product in all of the forms and also important paperwork that needs to filled up at period of export import. All the related activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are performed in experience of the code mentioned ultimately 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 participants to track down a particular segment of products. The list presents the product coding with amount of categories, simplifying a job of importers and exporters. You in many cases can access this code list over the world wide web with the internet data manufacturers like Infodrive Sweden. Besides providing a detailed HS tariff list, the corporate has also provided an interior search box for searching the codes of particular goods simply by entering the product’s companies.