Harmonized Code List an Integral Part of the Import export Trade
Harmonized code or HS Code can be an inevitable aspect in the import export trade. It is a unique numerical code assigned to various products and commodities required while shipping from one country to another. 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 from your Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export import action. It is an eight digit code which has 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 any particular trading product, which is utilized by more than 200 countries across earth.
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 of reasons. The authority carries out periodical activities like commodity description, weeding the actual defunct codes, addition of brand new codes, change of product description etc. It maintains the harmonized code list, may a selection 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. Every these 21 sections is further split up into 98 chapters. The chapters are further put 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 number of his product in all the forms along with important paperwork that to be able to filled up at time of export import. All the attached activities like customs duty or excise duty or drawback rates or the particular exemption of commodities, are finished in hitting the ground with the code mentioned inside of the papers. Hence one can say that these codes are mandatory while dealing in foreign commerce. If the HS tariff list was not available, it would have been very troublesome for the traders to search for a particular segment of merchandise. The list presents the sum of the product coding with a number of categories, simplifying a job of importers and exporters. You in many cases can access this code list over the web with the online data the likes of Infodrive Of india. Besides providing a complete HS tariff list, the corporate has also provided an inside search box for searching the codes of particular goods via entering the product’s makers.