Harmonized code or HS Code is an inevitable aspect in the import export dealings. It is a unique numerical code sent to various products and commodities required while shipping from nation to another. Its 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 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 procedure. It is an eight digit code that has been developed at par with the international coding system to suit vehicle of the international trading community belonging to the country. The code is basically, a rare ID assigned to a particular trading product, which is utilized by more than 200 countries across earth.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes the actual existing harmonized code listing. The authority performs periodical pursuits like commodity description, weeding the defunct codes, addition of the latest codes, change of product description etc. It maintains the harmonized code list, may a number of such codes classified under 21 pieces. 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 split into sub-headings under which particular HS Codes to target different products are mentioned.
Every trader dealing in international market has to say the particular code regarding his product in all the forms because important paperwork that to be able to filled up at time of import export. All the related activities like customs duty or excise duty or drawback rates or even exemption of commodities, are performed in example of 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 watch for a particular segment of items. The list presents the full product coding with a number of categories, simplifying the task of importers and exporters. You could access this code list over the online world with the online data the likes of Infodrive Sweden. Besides providing a detailed HS tariff list, the corporation has also provided an indoor search box for searching the codes of particular goods by way of entering the product’s makers.