Harmonized code or HS Code is actually inevitable aspect of the import export dealings. It is a unique numerical code assigned to various products and commodities required while shipping from one country to another. Its used to describe particular goods your past 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 IEC Registration Online India India. The international coding system has been adopted in India for export import techniques. It is an eight digit code that has been developed at par with the international coding system to suit the requirements of the international trading community for the country. The code is basically, a rare ID assigned to a particular trading product, which is used by 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 the actual existing harmonized code guidelines. The authority does periodical pursuits like commodity description, weeding the actual defunct codes, addition of the latest 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. Each of these 21 sections is further broken 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 say the particular code associated with his product in all of the forms along with important paperwork that end up being filled up at period of import export. All the related activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are carried out in experience with the code mentioned inside the papers. Hence one can say that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, end up being have been very troublesome for participants to investigation for a particular segment of items. The list presents the sum of the product coding with a lot of of categories, simplifying the procedure of importers and exporters. You can potentially access this code list over the net with the internet data companies like Infodrive The indian subcontinent. Besides providing additional HS tariff list, the company has also provided an interior search box for searching the codes of particular goods by way of entering the product’s companies.