Harmonized code or HS Code is actually inevitable aspect in the import export make trades. It is a unique numerical code sent to various products and commodities required while shipping from nation to another. Around the globe used to describe particular goods your past import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained from the 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 function. It is an eight digit code which has been developed at par with the international coding system to suit the requirements of the international trading community on the country. The code is basically, a unique ID assigned a new particular trading product, which is utilized by more than 200 countries across the world.
DGFT India in the governing authority that takes care of the changes or formulation or addition of new codes the actual existing harmonized code list of reasons. The authority carries out periodical pursuits like commodity description, weeding out of defunct codes, addition of brand new codes, change of description of product etc. It maintains the harmonized code list, which is a number 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. 1 of these 21 sections is further divided into 98 sections. The chapters are further split into sub-headings to which particular HS Codes for several products are mentioned.
Every trader dealing in international market has to bring up the particular code involving his product in all the forms and other important paperwork that end up being filled up at period of import and export. All the related activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are carried out in experience with the code mentioned inside of the papers. Hence one can tell that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, it have been very troublesome for participants to search for a particular segment of merchandise. The list presents the sum of the product coding with variety of categories, simplifying your responsibilities of importers and exporters. You can easily access this code list over the net with the online data businesses like Infodrive Of india. Besides providing a complete HS tariff list, vehicle has also provided an enclosed search box for searching the codes of particular goods simply by entering the product’s companies.