Harmonized code or HS Code a great inevitable aspect within the import export dealings. It is a unique numerical code assigned to various products and commodities required while shipping from nation to another. Around the globe used to describe particular goods your 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 Online Registration in India India. The international coding system has been adopted in India for export import techniques. It is an eight digit code that 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 good ID assigned a new particular trading product, which is by simply more than 200 countries across the world.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes in the existing harmonized code list of reasons. The authority does periodical pursuits like commodity description, weeding the actual defunct codes, addition most recent codes, change of description of product etc. It maintains the harmonized code list, may a bunch 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. Every these 21 sections is further separated into 98 sections. The chapters are further divided into sub-headings under which particular HS Codes for different products are mentioned.
Every trader dealing in international market has to note the particular code associated with his product in all the forms because important paperwork that end up being filled up at period of import export. All the related activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are performed in reference to the code mentioned in the papers. Hence one can say that these codes are mandatory while dealing in foreign exchange punches. 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 variety of categories, simplifying the procedure of importers and exporters. You could access this code list over the web with the online data manufacturers like Infodrive Sweden. Besides providing a detailed HS tariff list, the company has also provided an interior search box for searching the codes of particular goods simply by entering the product’s bands.