Harmonized code or HS Code is actually inevitable aspect of this import export dealings. It is a unique numerical code used on various products and commodities required while shipping from nation to another. In order to 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 India. The international coding system has been adopted in India for export Import Export Code Online Registration India procedure. It is an eight digit code provides been developed at par with the international coding system to suit vehicle of the international trading community for the country. The code is basically, a fashionable ID assigned using a particular trading product, which is by simply more than 200 countries across society.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes previously existing harmonized code list of reasons. The authority does periodical activities like commodity description, weeding the defunct codes, addition of recent 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. Each of these 21 sections is further broken into 98 sections. The chapters are further divided into sub-headings to which particular HS Codes for several products are mentioned.
Every trader dealing in international market has to bring up the particular code involving his product in all of the forms because important paperwork that needs to filled up at the time of import and export. All the related activities like customs duty or excise duty or drawback rates or even exemption of commodities, are performed in hitting the ground with the code mentioned in the papers. Hence one can say that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, it have been very troublesome for participants to search for a particular segment of products. The list presents the product coding with a lot of of categories, simplifying the duty of importers and exporters. You could access this code list over the net with the online data brands like Infodrive The indian subcontinent. Besides providing a comprehensive HS tariff list, organization has also provided an interior search box for searching the codes of particular goods by way of entering the product’s names.