Harmonized code or HS Code a good inevitable aspect of the import export trade. It is a unique numerical code assigned to various products and commodities required while shipping from nation to another. It is 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 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 action. It is an eight digit code which been developed at par with the international coding system to suit automobile of the international trading community for the country. The code is basically, a unique ID assigned any particular trading product, which is utilized by more than 200 countries across the world.
DGFT India in the governing authority that takes care of the changes or formulation or addition of new codes in existing harmonized code place. The authority performs periodical activities like commodity description, weeding the particular defunct codes, addition of new codes, change of description of product etc. It maintains the harmonized code list, which is a selection of such codes classified under 21 business units. 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. Every these 21 sections is further divided into 98 chapters. The chapters are further put into sub-headings this agreement particular HS Codes many products are mentioned.
Every trader dealing in international market has to mention 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 attached activities like customs duty or excise duty or drawback rates or even exemption of commodities, are carried out in experience with the code mentioned in the papers. Hence one can tell that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, might have been very troublesome for participants to track down a particular segment of items. The list presents the product coding with a number of categories, simplifying a job of importers and exporters. You can potentially access this code list over the internet with the online data companies like Infodrive Sweden. Besides providing additional HS tariff list, organization has also provided an interior search box for searching the codes of particular goods it really is quite entering the product’s makers.