Harmonized code or HS Code is an inevitable aspect of this import export deal. It is a unique numerical code allotted to various products and commodities required while shipping from nation 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 your 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 that has 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 to a particular trading product, which is utilized by more than 200 countries across earth.
DGFT India in the governing authority that looks after the changes or formulation or addition of new codes regarding existing harmonized code list. The authority does periodical pursuits like commodity description, weeding the particular defunct codes, addition of the latest codes, change of product description etc. It maintains the harmonized code list, along with that is a range 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. Each of these 21 sections is further put into 98 sections. The chapters are further divided into sub-headings to which particular HS Codes for several products are mentioned.
Every trader dealing in international market has to say the particular code involving his product in all of the forms and also important paperwork that must be filled up at period of export import. All the attached activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are finished in hitting the ground with the code mentioned in the papers. Hence one can tell that these codes are mandatory while dealing in foreign substitute. If the HS tariff list was not available, always be have been very troublesome for participants to investigation for a particular segment of products. The list presents the sum of the product coding with a lot of of categories, simplifying a job of importers and exporters. You could access this code list over the net with the internet data businesses like Infodrive The indian subcontinent. Besides providing an end HS tariff list, the company has also provided an enclosed search box for searching the codes of particular goods it really is quite entering the product’s companies.