HS Code or Harmonized Commodity Description and Coding System is a multipurpose international product nomenclature for classifying products developed by the World Customs Organization. The HS Code is also called Harmonized System or HS System. The Harmonized System Code is used by 200 countries and classifies 98% of commodities traded around the world.
The HS code list has emerged as the universal code of classifying commodities and is a crucial tool in international trade. The main uses of the HS Code are as follows:-
Each product has a unique 6 digit identification code. The HS Code covers 5000 commodity groups. The code is divided into 99 chapters. The chapters have 21 sections. These sections are further subdivided into 1244 headings and 5224 subheadings. The 4 Digits HS code is called the “heading” and 6 digits “sub-headings”. e.g 0101 – 0106 Live animals
Countries modify the HS Code by adding 2 to 4 digits to the HS Code to the first 6 digits for internal purposes.
Harmonized System Code of India is called the ITC-HS Code list. The ITC-HS Code uses an 8 digit HS code for internal revenue purposes. The ITC-HS Code has two schedules:-
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