Harmonized code or HS Code a great inevitable aspect for the import export deal. It is a unique numerical code assigned to various products and commodities required while shipping from nation to another. Its used to describe particular goods regarding import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained by the 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 procedure. It is an eight digit code provides 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 good ID assigned a new particular trading product, which is used by more than 200 countries across earth.
DGFT India in the governing authority that takes care of the changes or formulation or addition of new codes regarding existing harmonized code guidelines. The authority performs periodical pursuits like commodity description, weeding out of defunct codes, addition of brand new codes, change of description of product etc. It maintains the harmonized code list, which is 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 put into 98 chapters. The chapters are further split up into sub-headings under which particular HS Codes for different products are mentioned.
Every trader dealing in international market has to say the particular code connected with his product in all of the forms and also important paperwork that must be filled up at period of import export. All the attached activities like customs duty or excise duty or drawback rates or even exemption of commodities, are performed in example of the code mentioned in the papers. Hence one can tell that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, might have been very troublesome for participants to search for a particular segment of items. The list presents the product coding with variety of categories, simplifying the task of importers and exporters. You can easily access this code list over the internet with the internet data manufacturers like Infodrive The indian subcontinent. Besides providing additional HS tariff list, the corporate has also provided an enclosed search box for searching the codes of particular goods by way of entering the product’s bands.