Harmonized code or HS Code a good inevitable aspect within the import export commerce. 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 your 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 India. The international coding system has been adopted in India for export import function. It is an eight digit code which has been developed at par with the international coding system to suit vehicle of the international trading community for the country. The code is basically, a unique ID assigned a new particular trading product, which is utilized by more than 200 countries across the planet.
dgft IE Code Registration Online India India in the governing authority that takes care of the changes or formulation or addition of new codes in the existing harmonized code listing. The authority performs periodical activities like commodity description, weeding the defunct codes, addition of the latest codes, change of product description etc. It maintains the harmonized code list, along with that is a collection 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. 1 of these 21 sections is further put into 98 sections. 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 to say the particular code involving his product in all of the forms because important paperwork that become filled up at period of import export. All the related activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are executed in reference to the code mentioned in the papers. Hence one can say that these codes are mandatory while dealing in foreign commerce. If the HS tariff list was not available, might have been very troublesome for the traders to search for a particular segment of products. The list presents the entire product coding with a number of categories, simplifying the procedure of importers and exporters. You can easily access this code list over the online world with the internet data companies like Infodrive Of india. Besides providing an end HS tariff list, the company has also provided an indoor search box for searching the codes of particular goods simply by entering the product’s makers.