Harmonized code or HS Code can be an inevitable aspect for the import export trade. 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 by the 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 function. 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 of the country. The code is basically, a good ID assigned any particular trading product, which is by simply more than 200 countries across earth.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes regarding existing harmonized code listing. The authority performs periodical activities like commodity description, weeding the defunct codes, addition of brand new codes, change of product description etc. It maintains the harmonized code list, which is a selection 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. Each of these 21 sections is further divided 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 post the particular code regarding his product in all of the forms along with important paperwork that must be filled up at time of export import. All the attached activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are performed in experience of the code mentioned in the papers. Hence one can say that these codes are mandatory while dealing in foreign commerce. If the HS tariff list was not available, might have been very troublesome for the traders to search for a particular segment of merchandise. The list presents the sum of the product coding with amount of categories, simplifying a job of importers and exporters. You can potentially access this code list over the internet with the online data businesses like Infodrive The indian subcontinent. Besides providing a complete HS tariff list, vehicle has also provided an internal search box for searching the codes of particular goods simply by entering the product’s companies.