Harmonized code or HS Code can be an inevitable aspect of this import export dealings. It is a unique numerical code allotted to various products and commodities required while shipping from nation to another. It is used to describe particular goods your Import Export Code Online Registration India 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 operations. It is an eight digit code provides been developed at par with the international coding system to suit automobile of the international trading community of the country. The code is basically, a fashionable ID assigned the particular trading product, which is used by more than 200 countries across the planet.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes in the existing harmonized code list. The authority does 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, and also a bunch of such codes classified under 21 sectors. 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 put into 98 chapters. The chapters are further separated into sub-headings to which particular HS Codes for different products are mentioned.
Every trader dealing in international market has post the particular code associated with his product in all the forms because important paperwork that become filled up at time of import export. All the related activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are executed in experience of the code mentioned inside of the papers. Hence one can tell that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, end up being have been very troublesome for participants to watch for a particular segment of items. The list presents the sum of the product coding with amount of categories, simplifying the procedure of importers and exporters. You is likely to access this code list over the world wide web with the internet data the likes of Infodrive India. Besides providing additional HS tariff list, the corporation has also provided an inside search box for searching the codes of particular goods it really is quite entering the product’s names.