Harmonized code or HS Code is an inevitable aspect of the import export deal. It is a unique numerical code allotted to various products and commodities required while shipping from nation to another. Is used to describe particular goods regarding 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 action. It is an eight digit code which been developed at par with the international coding system to suit the requirements of the international trading community from the country. The code is basically, a unique ID assigned a new particular trading product, which is used by more than 200 countries across the world.
DGFT India in the governing authority that takes care of the changes or formulation or addition of new codes previously existing harmonized code listing. The authority performs periodical pursuits like commodity description, weeding out of defunct codes, addition of brand new codes, change of description of product etc. It maintains the harmonized code list, along with that is a range of such codes classified under 21 parts. 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. 1 of these 21 sections is further separated into 98 sections. The chapters are further divided into sub-headings to which particular HS Codes to target other products are mentioned.
Every trader dealing in international market has to note the particular code regarding his product in all the forms and other important paperwork that must be filled up at the time of export import. All the related activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are performed in experience of the code mentioned in the papers. Hence one can tell that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, it would have been very troublesome for participants to watch for a particular segment of merchandise. The list presents the sum of the product coding with a lot of of categories, simplifying the task of importers and exporters. You is likely to access this code list over the internet with the internet data companies like Infodrive India. Besides providing additional HS tariff list, organization has also provided an internal search box for searching the codes of particular goods because of entering the product’s makers.