Harmonized code or HS Code can be an inevitable aspect in the import export dealings. 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 your 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 IEC Registration Online India India. The international coding system has been adopted in India for export import action. 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 belonging to the country. The code is basically, a fashionable ID assigned a new particular trading product, which is utilized 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 of reasons. The authority carries out 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. Each of these 21 sections is further put into 98 sections. The chapters are further divided into sub-headings to which particular HS Codes to target different products are mentioned.
Every trader dealing in international market has to mention the particular code regarding his product in all the forms and also important paperwork that needs to filled up at period of import export. All the attached activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are executed in example of the code mentioned ultimately papers. Hence one can say that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, always be have been very troublesome for participants to search for a particular segment of merchandise. The list presents the sum of the product coding with variety of of categories, simplifying a job of importers and exporters. You can easily access this code list over the world wide web with the online data manufacturers like Infodrive Indian. Besides providing an end HS tariff list, the corporate has also provided an internal search box for searching the codes of particular goods simply by entering the product’s bands.