Harmonized code or HS Code a great inevitable aspect within the import export make trades. It is a unique numerical IEC Code Online Application India assigned to various products and commodities required while shipping from nation to another. Its used to describe particular goods within 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 code which has been developed at par with the international coding system to suit the requirements of the international trading community from the country. The code is basically, a good ID assigned the particular trading product, which is through 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 listing. The authority performs periodical pursuits like commodity description, weeding beyond defunct codes, addition of new codes, change of description of product etc. It maintains the harmonized code list, may a bunch 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. Every these 21 sections is further put into 98 chapters. The chapters are further split up into sub-headings this agreement particular HS Codes to target different products are mentioned.
Every trader dealing in international market has to bring up the particular code involving his product in all of 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 even the exemption of commodities, are executed in experience with the code mentioned ultimately papers. Hence one can say that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, end up being have been very troublesome for participants to watch for a particular segment of merchandise. The list presents the product coding with variety of of categories, simplifying a job of importers and exporters. You in many cases can access this code list over the online world with the online data companies like Infodrive Sweden. Besides providing a detailed HS tariff list, the company has also provided an enclosed search box for searching the codes of particular goods it really is quite entering the product’s such as :.