Harmonized code or HS Code a great inevitable aspect of the import export dealings. It is a unique numerical code allotted to various products and commodities required while shipping from nation 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 through 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 has been developed at par with the international coding system to suit the requirements of the international trading community belonging to the country. The code is basically, a good ID assigned the particular trading product, which is by simply more than 200 countries across the planet.
dgft IE Code Registration Online India India in the governing authority that looks after the changes or formulation or addition of new codes regarding existing harmonized code place. The authority performs periodical activities like commodity description, weeding beyond defunct codes, addition of the latest codes, change of description of product etc. It maintains the harmonized code list, which is 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. Every these 21 sections is further divided into 98 chapters. 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 associated with his product in all the forms and other important paperwork that become filled up at time of export import. All the related activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are finished in experience with the code mentioned inside of the papers. Hence one can tell that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, might have been very troublesome for participants to watch for a particular segment of merchandise. The list presents the sum of the product coding with a lot of of categories, simplifying a job of importers and exporters. You can potentially access this code list over the web with the online data brands like Infodrive Indian. Besides providing a comprehensive HS tariff list, organization has also provided an enclosed search box for searching the codes of particular goods it really is quite entering the product’s bands.