Harmonized code or HS Code is actually inevitable aspect of the import export commerce. It is a unique numerical code allotted to various products and commodities Documents required for Import Export Code Registration Online while shipping from nation to another. It is 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 India. The international coding system has been adopted in India for export import procedure. It is an eight digit code that has been developed at par with the international coding system to suit the requirements of the international trading community of the country. The code is basically, a good ID assigned using a particular trading product, which is by simply more than 200 countries across entire world.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes in the existing harmonized code list of reasons. The authority performs periodical pursuits like commodity description, weeding the 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 pieces. 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 divided into 98 chapters. The chapters are further divided into sub-headings under which particular HS Codes to target different products are mentioned.
Every trader dealing in international market has to say the particular code number of his product in all of the forms along with important paperwork that needs to filled up at period of import export. All the related activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are performed in reference to the code mentioned ultimately papers. Hence one know 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 participants to watch for a particular segment of products. The list presents the sum of the product coding with amount of categories, simplifying the procedure of importers and exporters. You in many cases can access this code list over the web with the internet data companies like Infodrive The indian subcontinent. Besides providing additional HS tariff list, vehicle has also provided an interior search box for searching the codes of particular goods via entering the product’s companies.