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Nov 08

Harmonized Code List an Integral Part of the Import export Trade

Harmonized code or HS Code a great inevitable aspect for the import export deal. It is a unique numerical code allotted to various products and commodities required while shipping from nation to another. In order to used to describe particular goods regarding import export trading platform.

The ITC HS Code List or India harmonized code list is regulated and maintained your Director General of Foreign Trade or DGFT Apply IEC Online India. The international coding system has been adopted in India for export import techniques. 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 of the country. The code is basically, a rare ID assigned a new particular trading product, which is simply by more than 200 countries across the planet.

DGFT India in the governing authority that provides the changes or formulation or addition of new codes in the existing harmonized code guidelines. The authority performs periodical pursuits like commodity description, weeding the defunct codes, addition of new codes, change of product description etc. It maintains the harmonized code list, along with that is a collection 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. Each of these 21 sections is further put into 98 sections. The chapters are further split into sub-headings to which particular HS Codes many products are mentioned.

Every trader dealing in international market has post the particular code regarding his product in all of the forms and also important paperwork that become filled up at time of export import. All the attached activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are finished in reference to the code mentioned ultimately papers. Hence one know that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, it would have been very troublesome for the traders to watch for a particular segment of items. The list presents the sum of the product coding with amount of categories, simplifying the procedure of importers and exporters. You is likely to access this code list over the net with the internet data businesses like Infodrive Of india. Besides providing a detailed HS tariff list, organization has also provided an enclosed search box for searching the codes of particular goods because of entering the product’s names.