Harmonized code or HS Code a good inevitable aspect in the import export deal. It is a unique numerical code allotted to various products and commodities required while shipping from one country to another. It 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 from the Director General of Foreign Trade or dgft IEC Registration Online India India. The international coding system has been adopted in India for export import techniques. It is an eight digit code provides been developed at par with the international coding system to suit vehicle of the international trading community belonging to the country. The code is basically, a good ID assigned the particular trading product, which is simply by 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 in the existing harmonized code guidelines. The authority does periodical activities like commodity description, weeding the defunct codes, addition of the latest codes, change of description of product etc. It maintains the harmonized code list, and also a bunch of such codes classified under 21 business units. 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. 1 of these 21 sections is further broken into 98 chapters. The chapters are further split up into sub-headings under which 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 of the forms and other important paperwork that end up being filled up at the time of import export. All the attached 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 substitute. If the HS tariff list was not available, end up being have been very troublesome for the traders to track down a particular segment of merchandise. The list presents the product coding with variety of of categories, simplifying the task of importers and exporters. You could access this code list over the world wide web with the online data companies like Infodrive Indian. Besides providing additional HS tariff list, the corporation has also provided an indoor search box for searching the codes of particular goods via entering the product’s bands.