Harmonized code or HS Code can be an inevitable aspect within the import export trade. It is a unique numerical code sent to various products and commodities required while shipping from one country to another. Around the globe used to describe particular goods regarding 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 Export Code Online Registration India function. It is an eight digit code which has been developed at par with the international coding system to suit vehicle of the international trading community on the country. The code is basically, a good ID assigned any particular trading product, which is through more than 200 countries across the planet.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes in the existing harmonized code guidelines. The authority performs periodical pursuits like commodity description, weeding the defunct codes, addition of recent codes, change of description of product etc. It maintains the harmonized code list, which is a selection 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. Every these 21 sections is further split up into 98 chapters. 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 because important paperwork that needs to filled up at the time of export import. All the related activities like customs duty or excise duty or drawback rates or even exemption of commodities, are performed in experience with the code mentioned inside the papers. Hence one can say that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, it would have been very troublesome for participants to track down a particular segment of items. The list presents the entire product coding with variety of categories, simplifying the duty of importers and exporters. You is likely to access this code list over the net with the internet data businesses like Infodrive The indian subcontinent. Besides providing a detailed HS tariff list, organization has also provided an interior search box for searching the codes of particular goods it really is quite entering the product’s companies.