Harmonized Code List an Integral Part of the Import and export Trade
Harmonized code or HS Code is an inevitable aspect of the import export make trades. It is a unique numerical code used on various products and commodities Documents required for Import Export Code Registration Online while shipping from one country to another. Its used to describe particular goods your past 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 action. It is an eight digit code that has been developed at par with the international coding system to suit automobile of the international trading community of the country. The code is basically, a fashionable ID assigned the particular trading product, which is through more than 200 countries across the world.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes in existing harmonized code listing. The authority performs periodical activities like commodity description, weeding the particular defunct codes, addition of recent codes, change of product description etc. It maintains the harmonized code list, may a collection 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 put into sub-headings to which particular HS Codes to target other products are mentioned.
Every trader dealing in international market has to say the particular code associated with his product in all the forms because important paperwork that become filled up at the time of import and export. All the related activities like customs duty or excise duty or drawback rates or the actual exemption of commodities, are performed in hitting the ground with the code mentioned in the papers. Hence one can say that these codes are mandatory while dealing in foreign commerce. If the HS tariff list was not available, might have been very troublesome for participants to search for a particular segment of products. The list presents the product coding with variety of categories, simplifying your responsibilities of importers and exporters. You in many cases can access this code list over the net with the online data the likes of Infodrive India. Besides providing a detailed HS tariff list, the corporation has also provided an inside search box for searching the codes of particular goods by way of entering the product’s companies.