Harmonized code or HS Code can be an inevitable aspect of this import export trade. It is a unique numerical code sent to various products and commodities required while shipping from nation to another. Is used to describe particular goods within the 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 IE Code 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 from the country. The code is basically, a fashionable ID assigned any particular trading product, which is by simply more than 200 countries across entire world.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes regarding existing harmonized code list of reasons. The authority performs periodical activities like commodity description, weeding the particular defunct codes, addition of recent codes, change of description of product etc. It maintains the harmonized code list, along with that 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. 1 of these 21 sections is further put 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 to mention the particular code connected with his product in all of the forms and other important paperwork that must be filled up at period of import export. All the related activities like customs duty or excise duty or drawback rates or even exemption of commodities, are executed in experience with the code mentioned in the papers. Hence one know that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, it would have been very troublesome for the traders to search for a particular segment of products. The list presents the whole of the product coding with a lot of of categories, simplifying the duty of importers and exporters. You could access this code list over the net with the online data companies like Infodrive India. Besides providing an end HS tariff list, organization has also provided an inside search box for searching the codes of particular goods by way of entering the product’s makers.