Harmonized code or HS Code a good inevitable aspect within the import export dealings. It is a unique numerical code allotted to various products and commodities required while shipping from nation to another. In order to 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 Online Registration in India India. The international coding system has been adopted in India for export import action. It is an eight digit code that has 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 unique ID assigned a new particular trading product, which is by simply 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 in the existing harmonized code listing. The authority performs periodical activities like commodity description, weeding beyond 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 business units. 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 split up 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 regarding his product in all the forms because important paperwork that end up being filled up at time of export import. 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 in the papers. Hence one can say that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, might have been very troublesome for participants to track down a particular segment of merchandise. The list presents the full product coding with amount of categories, simplifying the task of importers and exporters. You can potentially access this code list over the internet with the online data manufacturers like Infodrive India. Besides providing additional HS tariff list, the corporate has also provided an indoor search box for searching the codes of particular goods simply by entering the product’s companies.