Harmonized code or HS Code a great inevitable aspect for the import export commerce. It is a unique numerical code allotted to various products and commodities required while shipping from one country to another. Its used to describe particular goods regarding 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 India. The international coding system has been adopted in India for export import techniques. 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 for the country. The code is basically, a unique ID assigned any particular trading product, which is simply by more than 200 countries across the world.
DGFT India in the governing authority that looks after the changes or formulation or addition of new codes regarding existing harmonized code listing. The authority carries out periodical activities 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 selection 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. All of these 21 sections is further divided into 98 sections. The chapters are further split up into sub-headings this agreement particular HS Codes to target different products are mentioned.
Every trader dealing in international market has to note the particular code involving his product in all the forms along with important paperwork that must be filled up at the 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 performed in experience of the code mentioned inside the papers. Hence one know that these codes are mandatory while dealing in foreign commerce. 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 items. The list presents the product coding with a number of categories, simplifying the duty of importers and exporters. You could access this code list over the online world with the online data businesses like Infodrive Indian. Besides providing a comprehensive HS tariff list, vehicle has also provided an internal search box for searching the codes of particular goods it really is quite entering the product’s makers.