Harmonized code or HS Code a great inevitable aspect within the import export trade. It is a unique numerical code allotted to various products and commodities required while shipping from one country to another. In order to 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 your Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export Import Export Code Online Registration India procedure. 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 of the country. The code is basically, a good ID assigned any particular trading product, which is used by more than 200 countries across earth.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes in existing harmonized code listing. The authority performs periodical activities like commodity description, weeding the defunct codes, addition of brand new codes, change of product description etc. It maintains the harmonized code list, may a number 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. 1 of these 21 sections is further broken into 98 sections. The chapters are further split into sub-headings this agreement particular HS Codes to target different products are mentioned.
Every trader dealing in international market has post the particular code involving his product in all of the forms as well important paperwork that needs to filled up at time of import export. All the related activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are executed in experience with the code mentioned ultimately papers. Hence one know 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 watch for a particular segment of merchandise. The list presents the whole of the product coding with a number of categories, simplifying the duty of importers and exporters. You can potentially access this code list over the world wide web with the online data brands like Infodrive Of india. Besides providing additional HS tariff list, the corporation has also provided an internal search box for searching the codes of particular goods it really is quite entering the product’s makers.