Harmonized code or HS Code a great inevitable aspect in the import export make trades. It is a unique numerical code sent to various products and commodities required while shipping from one country to another. Is used to describe particular goods within the import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained your Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export import techniques. 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 belonging to the country. The code is basically, a special ID assigned to a particular trading product, which is through more than 200 countries across society.
dgft IEC Registration Online India India in the governing authority that looks after the changes or formulation or addition of new codes in existing harmonized code list of reasons. The authority performs periodical pursuits like commodity description, weeding the actual defunct codes, addition of the latest codes, change of description of product etc. It maintains the harmonized code list, which is a collection of such codes classified under 21 sectors. 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 separated into 98 sections. The chapters are further separated into sub-headings to which particular HS Codes to target other products are mentioned.
Every trader dealing in international market has to mention the particular code involving his product in all the forms and also important paperwork that needs to 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 example of the code mentioned inside of the papers. Hence one can say that these codes are mandatory while dealing in foreign commerce. If the HS tariff list was not available, end up being have been very troublesome for participants to search for a particular segment of items. The list presents the whole of the product coding with variety of of categories, simplifying your responsibilities of importers and exporters. You can potentially access this code list over the world wide web with the internet data businesses like Infodrive Of india. Besides providing a detailed HS tariff list, the corporation has also provided an indoor search box for searching the codes of particular goods by way of entering the product’s companies.