Harmonized
code or HS Code is a usual feature of the import export business. It is a
unique arithmetic code assigned to different products and commodities necessary
while shipping from one location to another. It is utilized to describe special
goods in the import export trading stand.
The
ITC HS Code List
or India harmonized code catalog is regulated and preserved by the Director
General of Foreign Trade or DGFT India. The global coding system has been approved
in India for export import process. It is an eight digit code that has been expanded
at par with the worldwide coding system to outfit the needs of the
international trading community of the nation. The code is essentially, a
unique ID consigned to a special trading product, which is utilized by more
than 200 nations across the world.
DGFT
India in the leading authority that takes care of the modifications or
formulation or adding of new codes in the presented harmonized code list. The power
carries out periodical events such as commodity description, weeding out of
defunct codes, and addition of new codes and change of product description among
others.
It
preserves the harmonized code list, which is a set of such codes classified
under 21 sections. The 21 sections compromise Animals & Animal Products;
Vegetable Products; Animal or Vegetable Fats; ready Foodstuffs; Mineral
Products; Chemical Products; Plastics & Rubber; Hides & Skins;
Footwear, Headgear; Articles Of Stone, Plaster, Cement, Asbestos; Pearls,
Precious Or Semi-Precious Stones, Wood & Wood Products; Wood Pulp Products;
Textiles & Textile Articles; Metals; Base Metals & Articles Thereof;
Machinery & Mechanical Appliances; Transportation Equipment; Instruments -
Measuring, Musical; Arms & Ammunition; Miscellaneous; and Works Of Art.
Every trader dealing in global market has to state
the particular code number of his creation in all the forms and other significant
documentation that requires filling up at the point of import export. All the linked activities such as customs duty or excise duty or disadvantage
rates or even the exception of commodities, are executed in reference to the
code stated in the papers. Hence, one can say that these codes are compulsory
while associated with foreign trade.
0 comments:
Post a Comment