Harmonized Code List an Integral Part of the Export import Trade
Harmonized code or HS Code is actually inevitable aspect of the import export trade. It is a unique numerical code sent to various products and commodities required while shipping from one country to another. In order to 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 by the Director General of Foreign Trade or dgft IE Code Online Application Procedure India India. The international coding system has been adopted in India for export import procedure. It is an eight digit code which been developed at par with the international coding system to suit the requirements of the international trading community belonging to the country. The code is basically, a rare ID assigned any particular trading product, which is by simply more than 200 countries across the world.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes previously existing harmonized code listing. The authority does periodical pursuits like commodity description, weeding the actual defunct codes, addition most recent codes, change of description of product etc. It maintains the harmonized code list, and also 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. Each of these 21 sections is further put into 98 chapters. The chapters are further put into sub-headings this agreement particular HS Codes for different products are mentioned.
Every trader dealing in international market has post the particular code number of his product in all the forms and also important paperwork that to be able to filled up at the 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 example of the code mentioned inside the papers. Hence one can say that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, it would have been very troublesome for participants to watch for a particular segment of merchandise. The list presents the entire product coding with a number of categories, simplifying a job of importers and exporters. You in many cases can access this code list over the web with the online data companies like Infodrive Of india. Besides providing an end HS tariff list, vehicle has also provided an interior search box for searching the codes of particular goods simply by entering the product’s names.