Harmonized code or HS Code can be an inevitable aspect within the import export make trades. It is a unique numerical code sent to various products and commodities required while shipping from nation to another. Around the globe used to describe particular goods in the 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 provides 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 fashionable ID assigned the particular trading product, which is simply by more than 200 countries across society.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes regarding existing harmonized code list. The authority does periodical pursuits like commodity description, weeding beyond defunct codes, addition of recent codes, change of description of product etc. It maintains the harmonized code list, along with that is a bunch 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. Both these 21 sections is further divided into 98 sections. The chapters are further split up into sub-headings under which particular HS Codes for several products are mentioned.
Every trader dealing in international market has post the particular code connected with his product in all of the forms as well 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 hitting the ground with the code mentioned in the papers. Hence one know that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, might have been very troublesome for the traders to search for a particular segment of products. The list presents the entire product coding with amount of categories, simplifying a job of importers and exporters. You is likely to access this code list over the internet with the internet data companies like Infodrive Of india. Besides providing a comprehensive HS tariff list, the company has also provided an inside search box for searching the codes of particular goods it really is quite entering the product’s makers.