Harmonized code or HS Code a great inevitable aspect of this import export trade. It is a unique numerical code sent to various products and commodities required while shipping from one country 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 your Director General of Foreign Trade or dgft IEC Registration Online India India. The international coding system has been adopted in India for export import action. 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 belonging to the country. The code is basically, a fashionable ID assigned to a particular trading product, which is simply by more than 200 countries across society.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes previously existing harmonized code list. The authority performs periodical pursuits like commodity description, weeding beyond defunct codes, addition of recent codes, change of product description etc. It maintains the harmonized code list, which is a bunch 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. Every these 21 sections is further separated into 98 sections. The chapters are further divided into sub-headings under which particular HS Codes to target different products are mentioned.
Every trader dealing in international market has post the particular code involving his product in all the forms as well important paperwork that needs to filled up at period 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 hitting the ground with the code mentioned ultimately papers. Hence one can say that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, might have been very troublesome for the traders to investigation for a particular segment of merchandise. The list presents the product coding with a lot of of categories, simplifying the procedure of importers and exporters. You in many cases can access this code list over the world wide web with the internet data brands like Infodrive Sweden. Besides providing additional HS tariff list, organization has also provided an indoor search box for searching the codes of particular goods simply by entering the product’s bands.