Harmonized code or HS Code is actually inevitable aspect of the import export trade. It is a unique numerical code allotted to various products and commodities required while shipping from one country to another. Around the globe used to describe particular goods your past 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 IEC Registration Online India India. The international coding system has been adopted in India for export import action. It is an eight digit code provides been developed at par with the international coding system to suit the requirements of the international trading community of the country. The code is basically, a special ID assigned any particular trading product, which is by simply more than 200 countries across the planet.
DGFT India in the governing authority that takes care of the changes or formulation or addition of new codes in the existing harmonized code place. The authority carries out periodical activities like commodity description, weeding the particular defunct codes, addition of new codes, change of description of product 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. All of these 21 sections is further split up into 98 sections. The chapters are further split up into sub-headings under which particular HS Codes for different products are mentioned.
Every trader dealing in international market has to note the particular code number of his product in all of the forms along with important paperwork that must be filled up at period of import and export. All the attached activities like customs duty or excise duty or drawback rates or even exemption of commodities, are finished in hitting the ground with the code mentioned ultimately papers. Hence one can tell that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, end up being have been very troublesome for the traders to watch for a particular segment of items. The list presents the sum of the product coding with a number of categories, simplifying your responsibilities of importers and exporters. You in many cases can access this code list over the internet with the online data businesses like Infodrive The indian subcontinent. Besides providing an end HS tariff list, the corporate has also provided an interior search box for searching the codes of particular goods by way of entering the product’s names.