Harmonized Code List an Integral Part of the Export import Trade
Harmonized code or HS Code is an inevitable aspect within the import export commerce. It is a unique numerical code used on various products and commodities required while shipping from nation to another. Around the globe used to describe particular goods regarding import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained from your 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 that has been developed at par with the international coding system to suit the requirements of the international trading community of the country. The IEC Code Online Application India is basically, a good ID assigned the particular trading product, which is used by more than 200 countries across the world.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes in the existing harmonized code place. The authority performs periodical activities like commodity description, weeding beyond defunct codes, addition of recent codes, change of description of product etc. It maintains the harmonized code list, which is a bunch of such codes classified under 21 pieces. 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 divided into sub-headings this agreement particular HS Codes to target other products are mentioned.
Every trader dealing in international market has post the particular code connected with his product in all of the forms and other important paperwork that end up being filled up at time of import export. All the attached activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are carried out in hitting the ground with the code mentioned in the papers. Hence one can say that these codes are mandatory while dealing in foreign commerce. If the HS tariff list was not available, might have been very troublesome for participants to track down a particular segment of merchandise. The list presents the whole of the product coding with a lot of of categories, simplifying your responsibilities of importers and exporters. You can potentially access this code list over the world wide web with the internet data brands like Infodrive Indian. Besides providing a comprehensive HS tariff list, vehicle has also provided an inside search box for searching the codes of particular goods simply by entering the product’s makers.
