Harmonized Code List an Integral Part of the Import and export Trade
Harmonized code or HS Code a great inevitable aspect of the import export dealings. 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 your 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 IE Code Online Registration in India India. The international coding system has been adopted in India for export import function. 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 belonging to the country. The code is basically, a rare ID assigned to a particular trading product, which is simply by more than 200 countries across the planet.
DGFT India in the governing authority that provides the changes or formulation or addition of new codes in the existing harmonized code list of reasons. The authority does periodical pursuits like commodity description, weeding the actual defunct codes, addition of the latest codes, change of description of product etc. It maintains the harmonized code list, which is a collection 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 divided into 98 chapters. The chapters are further divided into sub-headings under which particular HS Codes to target other products are mentioned.
Every trader dealing in international market has post the particular code associated with his product in all the forms and other important paperwork that become filled up at the time of import and export. All the attached activities like customs duty or excise duty or drawback rates or even exemption of commodities, are finished in example of the code mentioned in the papers. Hence one can tell that these codes are mandatory while dealing in foreign commerce. If the HS tariff list was not available, end up being have been very troublesome for participants to search for a particular segment of items. The list presents the sum of the product coding with variety of categories, simplifying the task of importers and exporters. You could access this code list over the web with the internet data brands like Infodrive Sweden. Besides providing a comprehensive HS tariff list, the company has also provided an internal search box for searching the codes of particular goods it really is quite entering the product’s names.
