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Explore the Importance of HS Code in Export Import Trade

This blog is all about HS Code. Through this blog post, I will clarify how it is good for your company’s growth, why would you use while classifying your commodities or goods? So, let’s get started now.

 

This one is also known as the harmonized system code that has leading importance in the global business. It is necessary for each and every product that is going to import or export from one country to another. This is a unique 6 digits code accepted all over the world. The main objective behind using this code is properly categorizing products for import and export trade. It is upheld on the global level and the entire shipments are renowned with the help of this. In India, the list of HS Code maintains by the Director-General of Foreign Trade for all products imported in India and exported from India.

DGFT has the right to edit or change any particular commodity’s code and assign the new one for any product.

 

The harmonized system code list divides into 21 sections and 99 chapters. One of the major items in these sections is animals, vegetable products, mineral products, plastics & rubber, wood, leathers, sun umbrellas, seat-sticks, riding crops, whips, animal products, footwear, headgear, artificial flowers etc. One of the best things about HSN Code is every country has the right to add some more digits in it but without changing the primary six digits as six digits are similar for every country.

 

The harmonized coding system plays an important role in the application of customs duty or any other kind of tax. Due to this, the overall exported and imported products have become methodical and simple to classify. Every trader wants appropriate and relevant Harmonized System Code to run smooth trading transactions.

 

What’s the role of this code in the export-import trade?

  • It is utilized in import-export business to define an item
  • It aids officials to classify products exported & imported for the purpose of tax collection
  • HS Code assists to evade high taxes and penalties while running trading transactions
  • Obtaining a genuine and updated list of this code was tough earlier. But now, anyone can get it by consulting a reputed market research firm. A number of options present out there and you just need to find out the best one from all of them. Act smartly and give preference to one that understands your business requirements.


Obtaining a genuine and updated list of this code was tough earlier. But now, anyone can get it by consulting a reputed market research firm. A number of options present out there and you just need to find out the best one from all of them. Act smartly and give preference to one that understands your business requirements.


Seair Exim Solutions is import export data provider firm in Delhi, India. It offers updated, 100% genuine, actual, trusted and reliable global trade data of more than 80 countries such as India in the globe, USA, Sri Lanka, Russia, Peru, Mexico, Indonesia, Pakistan, Vietnam, etc. Our major services are US import data, Indian importer data, export data of India, import data Indonesia, Vietnam export data, Russia customs data, Mexico trade data, Kenya shipment data etc. You can find various free resources related to import export business like HS classification code list, HS code search, HS code finder, sac code list, sac code finder, custom duty in India, Import custom duty India, custom duty calculator, foreign ports, trading partners of India, GST rates in India, GST rates list and many more on our website – seair.co.in.

For free sample data report and free live demo data search contact us-

Phone No: +91-11-41325515, + 919990020716

Email Id- info@seair.co.in

  • Seair Exim
  • 18-Dec-2019

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