Harmonized code or HS Code can be an inevitable aspect for the import export dealings. It is a unique numerical code sent to various products and commodities required while shipping from one country to another. Is used to describe particular goods in the 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 Online Registration in India India. The international coding system has been adopted in India for export import operations. It is an eight digit code which has been developed at par with the international coding system to suit the requirements of the international trading community of the country. The code is basically, a fashionable ID assigned using a particular trading product, which is simply by more than 200 countries across the world.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes previously existing harmonized code place. The authority does periodical pursuits like commodity description, weeding the particular defunct codes, addition of brand new codes, change of description of product etc. It maintains the harmonized code list, which 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. All of these 21 sections is further broken into 98 sections. The chapters are further separated into sub-headings to which particular HS Codes many products are mentioned.
Every trader dealing in international market has to bring up the particular code number of his product in all of the forms because important paperwork that must be filled up at period of import and export. All the attached activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are performed in experience with the code mentioned in the papers. Hence one can say 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 watch for a particular segment of merchandise. The list presents the product coding with variety of of categories, simplifying a job of importers and exporters. You could access this code list over the net with the online data companies like Infodrive India. Besides providing a complete HS tariff list, the corporate has also provided an internal search box for searching the codes of particular goods because of entering the product’s companies.