Harmonized code or HS Code a good inevitable aspect in the import export commerce. It is a unique numerical code allotted to various products and commodities required while shipping from one country to another. Is used to describe particular goods in the import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained by the Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export import function. It is an eight digit code which been developed at par with the international coding system to suit vehicle of the international trading community of the country. The code is basically, a fashionable ID assigned to a particular trading product, which is used by more than 200 countries across earth.
dgft IEC Registration Online India India in the governing authority that attends to the changes or formulation or addition of new codes regarding existing harmonized code listing. The authority performs periodical pursuits like commodity description, weeding the particular defunct codes, addition of new codes, change of product description etc. It maintains the harmonized code list, which is a collection 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. Each 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 to target other products are mentioned.
Every trader dealing in international market has to note the particular code associated with his product in all the forms and also important paperwork that needs to filled up at the time of import export. All the related activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are carried out in hitting the ground with the code mentioned ultimately 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 participants to watch for a particular segment of merchandise. The list presents the full product coding with a number of categories, simplifying the duty of importers and exporters. You in many cases can access this code list over the online world with the internet data businesses like Infodrive The indian subcontinent. Besides providing an end HS tariff list, the corporation has also provided an internal search box for searching the codes of particular goods because of entering the product’s companies.