Harmonized code or HS Code is actually inevitable aspect of this import export trade. It is a unique numerical code sent to various products and commodities required while shipping from one country to another. It 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 through 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 provides been developed at par with the international coding system to suit the requirements of the international trading community for the country. The code is basically, a fashionable ID assigned any particular trading product, which is through more than 200 countries across the planet.
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 previously existing harmonized code guidelines. The authority does periodical pursuits like commodity description, weeding the actual 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 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. 1 of these 21 sections is further separated into 98 sections. The chapters are further divided into sub-headings this agreement particular HS Codes for several products are mentioned.
Every trader dealing in international market has to note the particular code regarding his product in all of the forms as well important paperwork that end up being filled up at time of import and export. All the attached activities like customs duty or excise duty or drawback rates or even exemption of commodities, are executed in hitting the ground with the code mentioned in the papers. Hence one can say that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, always be have been very troublesome for the traders to search for a particular segment of merchandise. The list presents the entire product coding with a lot of of categories, simplifying a job of importers and exporters. You can potentially access this code list over the online world with the online data companies like Infodrive The indian subcontinent. Besides providing additional HS tariff list, organization has also provided an interior search box for searching the codes of particular goods simply by entering the product’s companies.