Harmonized code or HS Code a great inevitable aspect within the import export commerce. It is a unique numerical code assigned to various products and commodities required while shipping from one country to another. Is used to describe particular goods in the 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 India. The international coding system has been adopted in India for export import function. It is an eight digit code which 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 good ID assigned any particular trading product, which is simply by more than 200 countries across the world.
dgft IEC Registration Online India India in the governing authority that looks after the changes or formulation or addition of new codes the actual existing harmonized code guidelines. The authority carries out periodical pursuits like commodity description, weeding beyond defunct codes, addition of recent codes, change of description of product etc. It maintains the harmonized code list, which 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 separated into 98 chapters. The chapters are further put into sub-headings under which particular HS Codes for several products are mentioned.
Every trader dealing in international market has post the particular code associated with his product in all of the forms and also important paperwork that to be able to filled up at time of import export. All the attached activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are carried out in experience with the code mentioned ultimately papers. Hence one know that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, might have been very troublesome for participants to track down a particular segment of products. The list presents the full product coding with a number of categories, simplifying your responsibilities of importers and exporters. You can potentially access this code list over the web with the internet data companies like Infodrive Of india. Besides providing an end HS tariff list, vehicle has also provided an interior search box for searching the codes of particular goods it really is quite entering the product’s names.