Harmonized code or HS Code is an inevitable aspect in the import export make trades. It is a unique numerical code sent to various products and commodities required while shipping from one country 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 from your Director General of Foreign Trade or dgft IE Code Registration Online India India. The international coding system has been adopted in India for export import techniques. It is an eight digit code that has been developed at par with the international coding system to suit vehicle of the international trading community for the country. The code is basically, a unique ID assigned using a particular trading product, which is through more than 200 countries across the world.
DGFT India in the governing authority that looks after the changes or formulation or addition of new codes regarding existing harmonized code listing. The authority performs periodical pursuits like commodity description, weeding the particular defunct codes, addition of recent codes, change of product description etc. It maintains the harmonized code list, which 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 separated into sub-headings under which particular HS Codes for several products are mentioned.
Every trader dealing in international market has to mention the particular code number of his product in all of the forms along with important paperwork that must be filled up at period of export import. All the related activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are carried out in experience of the code mentioned ultimately papers. Hence one know that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, it would have been very troublesome for the traders to search for a particular segment of merchandise. The list presents the sum of the product coding with variety of categories, simplifying the procedure of importers and exporters. You can potentially access this code list over the world wide web with the internet data brands like Infodrive Of india. Besides providing additional HS tariff list, the corporate has also provided an interior search box for searching the codes of particular goods by way of entering the product’s names.