Harmonized code or HS Code is an inevitable aspect of the import export trade. It is a unique numerical code assigned to various products and commodities required while shipping from one country to another. In order to used to describe particular goods your past 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 IE Code Registration Online India India. The international coding system has been adopted in India for export import techniques. It is an eight digit code which been developed at par with the international coding system to suit the requirements of the international trading community of the country. The code is basically, a rare ID assigned using a particular trading product, which is used by more than 200 countries across earth.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes the actual existing harmonized code listing. The authority does periodical activities like commodity description, weeding out of defunct codes, addition most recent codes, change of product description etc. It maintains the harmonized code list, which is a range of such codes classified under 21 sectors. 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 put into 98 sections. The chapters are further put into sub-headings to which particular HS Codes for different products are mentioned.
Every trader dealing in international market has to note the particular code involving his product in all the forms and other important paperwork that become filled up at time of export import. All the attached activities like customs duty or excise duty or drawback rates or even exemption of commodities, are carried out in example of the code mentioned in the papers. Hence one can say that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, always be have been very troublesome for participants to track down a particular segment of merchandise. The list presents the full product coding with a lot of of categories, simplifying the task of importers and exporters. You could access this code list over the internet with the internet data companies like Infodrive Of india. Besides providing a comprehensive HS tariff list, the corporate has also provided an inside search box for searching the codes of particular goods simply by entering the product’s companies.