Harmonized code or HS Code can be an inevitable aspect in the import export dealings. It is a unique numerical code assigned to various products and commodities required while shipping from one country to another. It is 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 by 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 action. It is an eight digit code which includes 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 unique ID assigned a new particular trading product, which is through more than 200 countries across the world.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes the actual existing harmonized code list of reasons. The authority carries out periodical pursuits like commodity description, weeding the particular defunct codes, addition of brand new codes, change of product description 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. 1 of these 21 sections is further split up into 98 chapters. The chapters are further split up into sub-headings to which particular HS Codes many products are mentioned.
Every trader dealing in international market has to bring up 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 export import. All the attached activities like customs duty or excise duty or drawback rates or even exemption of commodities, are performed in experience with the code mentioned in the papers. Hence one can say that these codes are mandatory while dealing in foreign commerce. If the HS tariff list was not available, it would have been very troublesome for participants to search for a particular segment of products. The list presents the full product coding with variety of of categories, simplifying a job of importers and exporters. You can potentially access this code list over the web with the online data businesses like Infodrive Of india. Besides providing an end HS tariff list, the corporation has also provided an internal search box for searching the codes of particular goods it really is quite entering the product’s bands.