Harmonized code or HS Code can be an inevitable aspect in 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 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 Export Code Application Online India action. It is an eight digit code which has been developed at par with the international coding system to suit vehicle of the international trading community belonging to the country. The code is basically, a unique ID assigned using a particular trading product, which is utilized by more than 200 countries across society.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes the actual existing harmonized code list. The authority carries out periodical pursuits like commodity description, weeding out of defunct codes, addition of the latest codes, change of product description etc. It maintains the harmonized code list, along with that is a selection 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. 1 of these 21 sections is further divided into 98 chapters. The chapters are further split into sub-headings under which particular HS Codes for different 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 become filled up at the time of import and export. All the related 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 ultimately papers. Hence one can tell that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, always be have been very troublesome for the traders to watch for a particular segment of products. The list presents the entire product coding with a number of categories, simplifying the procedure of importers and exporters. You can potentially access this code list over the internet with the online data businesses like Infodrive Indian. Besides providing a complete HS tariff list, the company has also provided an internal search box for searching the codes of particular goods via entering the product’s names.