Harmonized Code List an Integral Part of the Import export Trade
Harmonized code or HS Code is actually inevitable aspect of the import export dealings. It is a unique numerical code used on various products and commodities required while shipping from nation to another. Is used to describe particular goods in the Import Export Code Online Registration India 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 which has been developed at par with the international coding system to suit vehicle of the international trading community on the country. The code is basically, a fashionable ID assigned any particular trading product, which is simply by more than 200 countries across the planet.
DGFT India in the governing authority that looks after the changes or formulation or addition of new codes the actual existing harmonized code listing. The authority does periodical activities like commodity description, weeding out of defunct codes, addition most recent codes, change of description of product etc. It maintains the harmonized code list, along with that is a bunch of such codes classified under 21 parts. 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 chapters. The chapters are further separated into sub-headings under which particular HS Codes to target different products are mentioned.
Every trader dealing in international market has to bring up the particular code number of his product in all the forms as well important paperwork that become filled up at time of import and export. All the related 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 in the papers. Hence one can say that these codes are mandatory while dealing in foreign substitute. If the HS tariff list was not available, end up being have been very troublesome for the traders to investigation for a particular segment of products. The list presents the whole of the product coding with variety of categories, simplifying the task of importers and exporters. You is likely to access this code list over the web with the internet data the likes of Infodrive Indian. Besides providing a comprehensive HS tariff list, vehicle has also provided an enclosed search box for searching the codes of particular goods it really is quite entering the product’s companies.
