Harmonized code or HS Code a good inevitable aspect of the import export make trades. It is a unique numerical code sent to various products and commodities required while shipping from nation to another. In order to used to describe particular goods in the import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained from the Director General of Foreign Trade or dgft IEC Registration Online India India. The international coding system has been adopted in India for export import operations. It is an eight digit code which has 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 rare ID assigned the particular trading product, which is simply by more than 200 countries across society.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes in the existing harmonized code listing. The authority does periodical pursuits like commodity description, weeding the defunct codes, addition of new codes, change of product description etc. It maintains the harmonized code list, which is a collection of such codes classified under 21 business units. 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 chapters. The chapters are further split up into sub-headings this agreement particular HS Codes for several products are mentioned.
Every trader dealing in international market has to say the particular code associated with his product in all the forms along with important paperwork that to be able to filled up at time of import export. All the attached activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are carried out in experience of the code mentioned ultimately papers. Hence one can say that these codes are mandatory while dealing in foreign exchange punches. If the HS tariff list was not available, might have been very troublesome for the traders to investigation for a particular segment of products. The list presents the full product coding with a number of categories, simplifying a job of importers and exporters. You could access this code list over the world wide web with the internet data businesses like Infodrive The indian subcontinent. Besides providing a detailed HS tariff list, the corporation has also provided an enclosed search box for searching the codes of particular goods simply by entering the product's names.