Harmonized code or HS Code a good inevitable aspect for the import export make trades. It is a unique numerical code allotted to various products and commodities required while shipping from nation to another. Around the globe 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 operations. It is an eight digit code which 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 using a particular trading product, which is through 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 place. The authority performs periodical pursuits like commodity description, weeding the defunct codes, addition of new codes, change of product description etc. It maintains the harmonized code list, may a number 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. Each of these 21 sections is further split up into 98 sections. The chapters are further split into sub-headings under which particular HS Codes to target different products are mentioned.
Every trader dealing in international market has to note the particular code number of 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 perhaps the exemption of commodities, are carried out in example of the code mentioned ultimately papers. Hence one know that these codes are mandatory while dealing in foreign commerce. If the HS tariff list was not available, might have been very troublesome for participants to search for a particular segment of merchandise. The list presents the full product coding with a number of categories, simplifying the procedure of importers and exporters. You can easily access this code list over the web with the internet data the likes of Infodrive Indian. Besides providing a comprehensive HS tariff list, vehicle has also provided an indoor search box for searching the codes of particular goods it really is quite entering the product’s bands.