Harmonized code or HS Code is actually inevitable aspect in the import export deal. It is a unique numerical code assigned to various products and commodities Documents required for Import Export Code Registration Online while shipping from nation to another. In order to 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 through Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export import techniques. It is an eight digit code which been developed at par with the international coding system to suit automobile of the international trading community on the country. The code is basically, a unique ID assigned the particular trading product, which is utilized by more than 200 countries across the planet.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes regarding existing harmonized code listing. The authority performs periodical pursuits like commodity description, weeding the particular defunct codes, addition of recent codes, change of product description etc. It maintains the harmonized code list, may 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. All of these 21 sections is further split up into 98 sections. The chapters are further divided into sub-headings to which particular HS Codes for several products are mentioned.
Every trader dealing in international market has to note the particular code associated with his product in all the forms and other important paperwork that needs to filled up at the time of import and export. All the attached activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are carried out in hitting the ground with the code mentioned inside of the papers. Hence one can tell that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, end up being have been very troublesome for participants to search for a particular segment of items. The list presents the whole of the product coding with variety of of categories, simplifying the duty of importers and exporters. You can easily access this code list over the net with the internet data companies like Infodrive The indian subcontinent. Besides providing a complete HS tariff list, the company has also provided an internal search box for searching the codes of particular goods it really is quite entering the product’s makers.