Harmonized code or HS Code can be an inevitable aspect of the import export commerce. It is a unique numerical code allotted to various products and commodities required while shipping from one country to another. It is 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 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 action. It is an eight digit code which includes been developed at par with the international coding system to suit the requirements of the international trading community of the country. The code is basically, a special ID assigned a new particular trading product, which is simply 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 regarding existing harmonized code listing. The authority does periodical activities 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 selection of such codes classified under 21 parts. 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 sections. The chapters are further split into sub-headings under which particular HS Codes for several products are mentioned.
Every trader dealing in international market has to bring up the particular code number of his product in all of the forms and other important paperwork that end up being filled up at period of import export. All the related activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are carried out in reference to the code mentioned in the papers. Hence one know that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, might have been very troublesome for the traders to track down a particular segment of items. The list presents the sum of the product coding with variety of of categories, simplifying the procedure of importers and exporters. You is likely to access this code list over the net with the online data businesses like Infodrive India. Besides providing an end HS tariff list, the corporation has also provided an internal search box for searching the codes of particular goods simply by entering the product’s bands.