Harmonized code or HS Code can be an inevitable aspect in the import export deal. It is a unique numerical code allotted to various products and commodities required while shipping from one country to another. Its used to describe particular goods your 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 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 unique ID assigned a new particular trading product, which is by simply more than 200 countries across society.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes in existing harmonized code place. 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, may 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. 1 of these 21 sections is further broken into 98 sections. The chapters are further split up into sub-headings this agreement particular HS Codes to target different products are mentioned.
Every trader dealing in international market has to bring up the particular code involving his product in all of the forms along with important paperwork that end up being filled up at period of import and export. All the attached activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are carried out in experience of the code mentioned ultimately papers. Hence one can tell that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, always be have been very troublesome for participants to watch for a particular segment of merchandise. The list presents the product coding with a lot of of categories, simplifying your responsibilities of importers and exporters. You can easily access this code list over the world wide web with the internet data the likes of Infodrive Of india. Besides providing a comprehensive HS tariff list, the corporation has also provided an inside search box for searching the codes of particular goods by way of entering the product’s companies.