Harmonized code or HS Code is actually inevitable aspect within the import export dealings. It is a unique numerical code assigned to various products and commodities required while shipping from nation to another. Is 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 your 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 techniques. It is an eight digit code that has been developed at par with the international coding system to suit automobile of the international trading community for the country. The code is basically, a unique ID assigned using a particular trading product, which is used by more than 200 countries across the planet.
DGFT India in the governing authority that takes care of the changes or formulation or addition of new codes in existing harmonized code place. The authority performs periodical pursuits like commodity description, weeding the defunct codes, addition of brand new codes, change of product description etc. It maintains the harmonized code list, along with that is a selection 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 divided into 98 chapters. The chapters are further split up into sub-headings this agreement particular HS Codes to target other products are mentioned.
Every trader dealing in international market has post the particular code involving his product in all of the forms along with important paperwork that to be able to filled up at the time of export import. All the related activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are performed in hitting the ground with the code mentioned in the papers. Hence one know that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, it have been very troublesome for participants to investigation for a particular segment of items. The list presents the whole of the product coding with a number of categories, simplifying a job of importers and exporters. You can potentially access this code list over the internet with the online data brands like Infodrive Sweden. Besides providing an end HS tariff list, the corporate has also provided an enclosed search box for searching the codes of particular goods simply by entering the product’s names.