Harmonized code or HS Code is actually inevitable aspect in the import export deal. It is a unique numerical code assigned to various products and commodities required while shipping from nation to another. It is used to describe particular goods your import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained through Director General of Foreign Trade or dgft IEC Registration Online India India. The international coding system has been adopted in India for export import procedure. 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 belonging to the country. The code is basically, a good ID assigned any particular trading product, which is simply by more than 200 countries across earth.
DGFT India in the governing authority that takes care of the changes or formulation or addition of new codes previously existing harmonized code list. The authority does periodical pursuits like commodity description, weeding the actual defunct codes, addition most recent codes, change of description of product etc. It maintains the harmonized code list, which is a collection 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. Both these 21 sections is further separated into 98 sections. The chapters are further divided 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 regarding his product in all the forms along with important paperwork that end up being filled up at the time of import and export. All the attached activities like customs duty or excise duty or drawback rates or even exemption of commodities, are finished in hitting the ground with the code mentioned inside the papers. Hence one can say that these codes are mandatory while dealing in foreign substitute. If the HS tariff list was not available, might have been very troublesome for participants to search for a particular segment of items. The list presents the whole of the product coding with a number of categories, simplifying the procedure of importers and exporters. You can easily access this code list over the world wide web with the online data businesses like Infodrive India. Besides providing additional HS tariff list, the corporate has also provided an enclosed search box for searching the codes of particular goods by way of entering the product’s makers.