Harmonized code or HS Code is actually inevitable aspect in the import export deal. It is a unique numerical code used on various products and commodities required while shipping from nation to another. Its 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 through Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export Import Export Code Online Registration India function. It is an eight digit code that has been developed at par with the international coding system to suit vehicle of the international trading community from the country. The code is basically, a fashionable ID assigned using a particular trading product, which is utilized by more than 200 countries across society.
DGFT India in the governing authority that looks after the changes or formulation or addition of new codes in the existing harmonized code listing. The authority does periodical activities like commodity description, weeding the particular defunct codes, addition of brand new codes, change of product description etc. It maintains the harmonized code list, may a range 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 separated into 98 sections. The chapters are further split into sub-headings to which particular HS Codes to target other products are mentioned.
Every trader dealing in international market has to note the particular code regarding his product in all of the forms as well important paperwork that to be able to filled up at period of import and export. All the attached activities like customs duty or excise duty or drawback rates or even exemption of commodities, are finished in hitting the ground with the code mentioned inside of the papers. Hence one know that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, it have been very troublesome for participants to search for a particular segment of merchandise. The list presents the full product coding with a lot of of categories, simplifying a job of importers and exporters. You in many cases can access this code list over the net with the internet data brands like Infodrive India. Besides providing a detailed HS tariff list, organization has also provided an enclosed search box for searching the codes of particular goods it really is quite entering the product’s bands.