Harmonized code or HS Code a great inevitable aspect in the import export make trades. It is a unique numerical code assigned to various products and commodities required while shipping from one country to another. Its 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 through Director General of Foreign Trade or dgft IEC Registration Online India India. The international coding system has been adopted in India for export import action. 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 from the country. The code is basically, a rare ID assigned using a particular trading product, which is through more than 200 countries across society.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes in existing harmonized code list. The authority does periodical activities like commodity description, weeding the defunct codes, addition of the latest codes, change of description of product etc. It maintains the harmonized code list, which is a range 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. 1 of these 21 sections is further put into 98 sections. The chapters are further separated into sub-headings to which particular HS Codes to target different products are mentioned.
Every trader dealing in international market has to note the particular code number of his product in all of the forms because important paperwork that must be filled up at time of export import. All the related activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are executed in example of the code mentioned ultimately papers. Hence one can say that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, it would have been very troublesome for participants to search for a particular segment of items. The list presents the entire product coding with variety of categories, simplifying the task of importers and exporters. You could access this code list over the internet with the online data businesses like Infodrive Indian. Besides providing additional HS tariff list, vehicle has also provided an interior search box for searching the codes of particular goods simply by entering the product’s bands.