Harmonized code or HS Code is an inevitable aspect within the import export deal. It is a unique numerical code allotted to various products and commodities required while shipping from one country to another. Is used to describe particular goods regarding 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 been developed at par with the international coding system to suit automobile of the international trading community on the country. The code is basically, a good ID assigned to a particular trading product, which is simply 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 previously existing harmonized code guidelines. The authority performs periodical activities like commodity description, weeding the defunct codes, addition of brand new codes, change of description of product etc. It maintains the harmonized code list, along with that is a range of such codes classified under 21 parts. 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 divided into 98 chapters. The chapters are further separated 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 regarding his product in all the forms along with important paperwork that to be able to filled up at the time of export import. All the attached activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are executed in experience with the code mentioned inside the papers. Hence one can tell 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 the traders to search for a particular segment of merchandise. The list presents the full product coding with amount of categories, simplifying a job of importers and exporters. You could access this code list over the internet with the online data businesses like Infodrive Indian. Besides providing a detailed HS tariff list, the corporate has also provided an internal search box for searching the codes of particular goods because of entering the product’s companies.