Harmonized code or HS Code is an inevitable aspect for the import export trade. It is a unique numerical code sent 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 from your Director General of Foreign Trade or dgft IEC 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 automobile of the international trading community of the country. The code is basically, a special ID assigned any particular trading product, which is through more than 200 countries across the world.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes the actual existing harmonized code place. The authority carries out periodical activities like commodity description, weeding the defunct codes, addition most recent codes, change of product description etc. It maintains the harmonized code list, along with that is a selection of such codes classified under 21 pieces. 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. Both these 21 sections is further split up into 98 chapters. The chapters are further divided into sub-headings under which particular HS Codes for different products are mentioned.
Every trader dealing in international market has to mention the particular code regarding his product in all of the forms and other important paperwork that become filled up at time of import export. All the related activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are executed in experience of the code mentioned inside of the papers. Hence one can say that these codes are mandatory while dealing in foreign commerce. If the HS tariff list was not available, might have been very troublesome for the traders to watch for a particular segment of merchandise. The list presents the whole of the product coding with variety of categories, simplifying a job of importers and exporters. You can easily access this code list over the web with the online data businesses like Infodrive Of india. Besides providing a comprehensive HS tariff list, the corporation has also provided an enclosed search box for searching the codes of particular goods via entering the product’s names.