Harmonized Code List an Integral Part of the Import and export Trade
Harmonized code or HS Code is an inevitable aspect of this import export trade. It is a unique numerical code assigned to various products and commodities required while shipping from nation to another. In order to 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 from the 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 IEC Code Online Application India which has been developed at par with the international coding system to suit automobile of the international trading community on the country. The code is basically, a special ID assigned any particular trading product, which is by simply more than 200 countries across the world.
DGFT India in the governing authority that looks after the changes or formulation or addition of new codes previously existing harmonized code listing. The authority does periodical activities like commodity description, weeding out of 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 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 chapters. The chapters are further divided into sub-headings this agreement particular HS Codes many products are mentioned.
Every trader dealing in international market has to say the particular code connected with his product in all the forms as well important paperwork that must be filled up at time of export import. All the attached activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are performed in hitting the ground with the code mentioned in the papers. Hence one know that these codes are mandatory while dealing in foreign substitute. If the HS tariff list was not available, end up being have been very troublesome for participants to investigation for a particular segment of merchandise. The list presents the whole of the product coding with a number of categories, simplifying your responsibilities of importers and exporters. You is likely to access this code list over the online world with the online data manufacturers like Infodrive The indian subcontinent. Besides providing a comprehensive HS tariff list, the corporation has also provided an interior search box for searching the codes of particular goods simply by entering the product’s names.
