Harmonized code or HS Code is actually inevitable aspect of this import export commerce. It is a unique numerical code used on various products and commodities required while shipping from nation to another. It is 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 IE Code Registration Online India India. The international coding system has been adopted in India for export import function. It is an eight digit code which has been developed at par with the international coding system to suit automobile of the international trading community on the country. The code is basically, a good ID assigned a new particular trading product, which is by simply 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 previously existing harmonized code place. The authority does periodical activities like commodity description, weeding the actual 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 business units. 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. Every these 21 sections is further separated into 98 chapters. The chapters are further separated into sub-headings to which particular HS Codes to target different products are mentioned.
Every trader dealing in international market has to mention the particular code associated with his product in all the forms and other important paperwork that become filled up at time of import and export. All the related activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are finished in experience 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, it would have been very troublesome for participants to search for a particular segment of items. The list presents the sum of the product coding with amount of categories, simplifying the procedure of importers and exporters. You can easily access this code list over the online world with the online data businesses like Infodrive Of india. Besides providing a comprehensive HS tariff list, the corporate has also provided an inside search box for searching the codes of particular goods because of entering the product’s makers.