Harmonized code or HS Code a good inevitable aspect in the import export commerce. It is a unique numerical code assigned to various products and commodities Documents required for Import Export Code Registration Online while shipping from nation to another. Its used to describe particular goods regarding 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 procedure. It is an eight digit code which includes been developed at par with the international coding system to suit automobile of the international trading community from the country. The code is basically, a fashionable ID assigned to a particular trading product, which is used 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 existing harmonized code place. The authority carries out periodical pursuits like commodity description, weeding the defunct codes, addition of the latest codes, change of product description etc. It maintains the harmonized code list, and also a collection 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. All of these 21 sections is further separated into 98 sections. The chapters are further divided into sub-headings this agreement particular HS Codes for different products are mentioned.
Every trader dealing in international market has to mention the particular code regarding his product in all of the forms and other important paperwork that become filled up at period of import and export. All the related activities like customs duty or excise duty or drawback rates or even the exemption of commodities, are carried out in experience of the code mentioned inside the papers. Hence one can say that these codes are mandatory while dealing in foreign return. 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 items. The list presents the sum of the product coding with a lot of of categories, simplifying a job of importers and exporters. You can easily access this code list over the internet with the online data companies like Infodrive Sweden. Besides providing additional HS tariff list, the corporation has also provided an internal search box for searching the codes of particular goods it really is quite entering the product’s names.