Harmonized code or HS Code a great inevitable aspect of this import export commerce. It is a unique numerical code assigned to various products and commodities required while shipping from one country to another. It is used to describe particular goods your past 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 includes been developed at par with the international coding system to suit the requirements 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 world.
dgft IEC Registration Online India India in the governing authority that attends to the changes or formulation or addition of new codes regarding existing harmonized code list. The authority carries out periodical activities like commodity description, weeding out of 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 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. Both these 21 sections is further broken into 98 sections. The chapters are further separated 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 involving his product in all of the forms along with important paperwork that become filled up at period of export import. All the attached 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 the papers. Hence one know that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, always be have been very troublesome for participants to search for a particular segment of items. The list presents the full product coding with a lot of of categories, simplifying the duty of importers and exporters. You could access this code list over the web with the online data the likes of Infodrive Sweden. Besides providing a complete HS tariff list, organization has also provided an inside search box for searching the codes of particular goods via entering the product’s bands.