Harmonized code or HS Code a great inevitable aspect of the import export commerce. It is a unique numerical code used on various products and commodities required while shipping from nation 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 from the Director General of Foreign Trade or dgft IE Code Online Registration in India India. The international coding system has been adopted in India for export import procedure. 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 of the country. The code is basically, a rare ID assigned a new particular trading product, which is used by 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 listing. The authority performs periodical pursuits like commodity description, weeding the defunct codes, addition of new codes, change of product description etc. It maintains the harmonized code list, and also a collection 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. Each of these 21 sections is further separated into 98 sections. The chapters are further split up into sub-headings under which particular HS Codes many products are mentioned.
Every trader dealing in international market has to bring up the particular code involving his product in all of the forms and other important paperwork that to be able to filled up at the time of import and export. All the attached activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are executed in reference to the code mentioned in the papers. Hence one know that these codes are mandatory while dealing in foreign substitute. If the HS tariff list was not available, end up being have been very troublesome for the traders to search for a particular segment of merchandise. The list presents the sum of the product coding with a number of categories, simplifying the duty of importers and exporters. You can potentially access this code list over the web with the online data the likes of Infodrive Of india. Besides providing a complete HS tariff list, vehicle has also provided an internal search box for searching the codes of particular goods by way of entering the product’s companies.