Harmonized code or HS Code can be an inevitable aspect for the import export make trades. It is a unique numerical code assigned to various products and commodities required while shipping from one country to another. 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 your Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export import procedure. It is an eight digit code which includes been developed at par with the international coding system to suit vehicle of the international trading community from the country. The code is basically, a fashionable ID assigned a new particular trading product, which is by simply more than 200 countries across society.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes in the existing harmonized code list of reasons. The authority carries out periodical pursuits like commodity description, weeding out of defunct codes, addition of brand new codes, change of product description etc. It maintains the harmonized code list, along with that is a number 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. Each of these 21 sections is further split up into 98 sections. The chapters are further divided into sub-headings to which particular HS Codes for several products are mentioned.
Every trader dealing in international market has to note the particular code regarding his product in all the forms and other important paperwork that to be able to filled up at time of Import Export Code Online Registration India and export. All the attached activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are finished in hitting the ground with the code mentioned in the papers. Hence one can tell that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, it have been very troublesome for the traders to watch for a particular segment of items. The list presents the product coding with amount of categories, simplifying the task of importers and exporters. You can potentially access this code list over the web with the internet data the likes of Infodrive India. Besides providing a complete HS tariff list, the corporation has also provided an indoor search box for searching the codes of particular goods simply by entering the product’s companies.