Harmonized code or HS Code can be an inevitable aspect in the import export commerce. It is a unique numerical code sent to various products and commodities required while shipping from one country to another. Its used to describe particular goods your 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 procedure. It is an eight digit code which includes been developed at par with the international coding system to suit the requirements of the international trading community on the country. The code is basically, a good ID assigned the particular trading product, which is by simply more than 200 countries across entire world.
DGFT India in the governing authority that looks after the changes or formulation or addition of new codes previously existing harmonized code list of reasons. The authority performs 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, which is a selection of such codes classified under 21 pieces. 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 split up into 98 sections. The chapters are further separated into sub-headings under which particular HS Codes to target different products are mentioned.
Every trader dealing in international market has to bring up the particular code involving his product in all the forms because important paperwork that needs to filled up at the time of export import. All the related activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are executed in example of the code mentioned inside the papers. Hence one can tell that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, end up being have been very troublesome for participants to search for a particular segment of merchandise. The list presents the sum of the product coding with variety of categories, simplifying a job of importers and exporters. You can potentially access this code list over the web with the internet data manufacturers like Infodrive The indian subcontinent. Besides providing a detailed HS tariff list, the company has also provided an inside search box for searching the codes of particular goods it really is quite entering the product’s makers.