Harmonized code or HS Code a good inevitable aspect in the import export trade. It is a unique numerical code allotted to various products and commodities required while shipping from one country to another. Its used to describe particular goods your 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 IEC Registration Online India India. The international coding system has been adopted in India for export import function. 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 from the country. The code is basically, a fashionable ID assigned to a particular trading product, which is used by more than 200 countries across society.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes previously existing harmonized code list. The authority does periodical activities like commodity description, weeding the defunct codes, addition of brand new codes, change of description of product etc. It maintains the harmonized code list, may a range 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. Both these 21 sections is further divided into 98 sections. The chapters are further put into sub-headings to 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 and also 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 the actual exemption of commodities, are executed in experience of the code mentioned in the papers. Hence one can say that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, end up being have been very troublesome for the traders to search for a particular segment of products. The list presents the sum of the product coding with a number of categories, simplifying the procedure of importers and exporters. You in many cases can access this code list over the internet with the online data the likes of Infodrive The indian subcontinent. Besides providing a comprehensive HS tariff list, vehicle has also provided an inside search box for searching the codes of particular goods it really is quite entering the product’s makers.