Harmonized code or HS Code is actually inevitable aspect of the import export make trades. 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 through 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 of the country. The code is basically, a special ID assigned to a 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 in the existing harmonized code list of reasons. The authority performs periodical pursuits like commodity description, weeding the particular defunct codes, addition of new codes, change of product description etc. It maintains the harmonized code list, along with that is 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. 1 of these 21 sections is further put into 98 sections. The chapters are further split into sub-headings to which particular HS Codes to target different products are mentioned.
Every trader dealing in international market has post the particular code involving his product in all the forms and other important paperwork that become filled up at period of export import. All the attached activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are carried out in reference to the code mentioned ultimately papers. Hence one can say that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, might have been very troublesome for the traders to watch for a particular segment of items. The list presents the whole of the product coding with variety of of categories, simplifying the duty of importers and exporters. You can easily access this code list over the web with the Apply IEC Online India data manufacturers like Infodrive Indian. Besides providing an end HS tariff list, organization has also provided an internal search box for searching the codes of particular goods via entering the product's names.