Harmonized code or HS Code can be an inevitable aspect of the import export deal. It is a unique numerical code sent to various products and commodities required while shipping from nation to another. Its 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 your 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 action. It is an eight digit code that has been developed at par with the international coding system to suit automobile of the international trading community on the country. The code is basically, a rare ID assigned any particular trading product, which is used by more than 200 countries across earth.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes the actual existing harmonized code listing. The authority does 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, may a number of such codes classified under 21 sections. 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. All of these 21 sections is further put into 98 chapters. The chapters are further split up into sub-headings to which particular HS Codes for several products are mentioned.
Every trader dealing in international market has to note the particular code regarding his product in all the forms as well important paperwork that must be filled up at period of import export. All the attached activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are finished in reference to 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, always be have been very troublesome for the traders to search for a particular segment of products. The list presents the entire product coding with amount of categories, simplifying the task of importers and exporters. You is likely to access this code list over the internet with the online data the likes of Infodrive Sweden. Besides providing a complete HS tariff list, the company has also provided an enclosed search box for searching the codes of particular goods by way of entering the product’s makers.