Are you actively busy in export and import business? Do you need to be aware about the market statistics? If yes, there are lots of things that you should consider beforehand. HS Code List is an important part of export import business all over the world. Nothing is possible in the world in the absence of the unique numerical code proposed to different products and commodities necessary while shipping from one place to another. Moreover, the code is used to show the specific products in the import export trading stage.
The India harmonized code list or even HS Code List is controlled and preserved by the Director General of Foreign Trade or even DGFT India. The global coding method has been accepted in India for export import processes. It is an eight digit system that has been urbanized at par with the global coding system to outfit the needs of the worldwide trading society of the country. The code is essentially, a unique ID allocated to a specific business product, which is utilized by more than 200 nations all over the world.
The governing authority is known as DGFT India that takes care of the modifications or formulation or adding up of new codes in the present harmonized code list. The authority has periodical events such as weeding out of defunct codes, change of product description commodity description and addition of new codes among others.
It keeps the harmonized code list, which is a set of such codes differentiated under 21 sections. The 21 sections comprise Animals & Animal Products; Vegetable Products; Animal or Vegetable Fats; Chemical Products; Plastics & Rubber; Prepared Foodstuffs; Mineral Products; Hides & Skins; Wood & Wood Products; Wood Pulp Products; Headgear; Articles Of Stone, Plaster, Base Metals & Articles Thereof; Textiles & Textile Articles; Footwear, Cement, Asbestos; Pearls, Precious Or Semi-Precious Stones, Transportation Equipment; Instruments - Measuring, Metals; Machinery & Mechanical Appliances; Musical; Arms & Ammunition; Miscellaneous; and Works Of Art.
The above mentioned 21 sections are additionally divided into further 98 chapters. The chapters are more divided into sub-headings under which specific HS Codes for different products are stated. Businesses who are dealing in the global market to state the specific HS code of every product in all the forms and similar significant paperwork that required to be submitted at the time of export and import. All the linked up activities such as customs duty or excise duty or disadvantage rates or even the release of products are actually performed in reference to the code stated in the papers.
Hence, it is easy to speak that these codes are compulsory while performing in the foreign trade. In the absence of the HS tariff list, it would have been quite problematic for the traders to look for a specific segment of products. The list depicts the complete product coding with numerous categories, easing the job of importers and exporters. One can quickly find the information on the code list over the web with the online data services websites such as Seair Exim Solution. Apart from offering a comprehensive HS tariff list, the website has also offer an internal search box for finding the codes of specific goods just by writing down the name of the product.
Seair Exim Solutions is a renowned import export data provider company in India. It provides latest, 100% genuine, trusted and reliable global trade data of 80+ countries such as India, USA, Russia, Peru, Kenya, Mexico, Pakistan, Indonesia, China, Vietnam, etc. Some of our services are US importer data, Indian import data, India export data, Sri Lanka import data, Indonesia trade data etc. Our website (seair.co.in) also has various free resources related to import export business like custom duty, custom duty calculator, GST rates list, sac code finder, sac code list, trading partners of India, HS code finder, GST rates in India etc.
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