Harmonized code or HS Code a great inevitable aspect within the import export deal. It is a unique numerical code allotted to various products and commodities required while shipping from one country 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 the Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export import operations. It is an eight digit code which has been developed at par with the international coding system to suit vehicle of the international trading community on the country. The code is basically, a rare ID assigned a new particular trading product, which is through more than 200 countries across the planet.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes regarding existing harmonized code guidelines. The authority does periodical pursuits like commodity description, weeding out of defunct codes, addition of new codes, change of description of product etc. It maintains the harmonized code list, which is a selection 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. Both these 21 sections is further separated into 98 chapters. The chapters are further divided into sub-headings to which particular HS Codes many products are mentioned.
Every trader dealing in international market has to bring up the particular code number of his product in all the forms along with important paperwork that end up being filled up at period of export Import Export Code Online Registration India. All the attached activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are performed in experience with the code mentioned in the papers. Hence one can tell 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 participants to search for a particular segment of merchandise. The list presents the sum of the product coding with variety of categories, simplifying the duty of importers and exporters. You can easily access this code list over the world wide web with the online data businesses like Infodrive Of india. Besides providing an end HS tariff list, the corporate has also provided an interior search box for searching the codes of particular goods it really is quite entering the product’s names.