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Summarize about HS Code Classification List

Do you know what HS code is and why it is important for traders? In casual discussion, traders tend to use them to classify the traded products. It represents the classification of goods. While it’s not at all wrong to try them, but it is crucial to recognize this code. Because if not, your shipment could get into trouble and you could also.

Here’s present the definition of HS Code, check out now:

The HS Code or harmonized system code is 6 digits standardized system used for classifying traded items worldwide. The group of HS code is also called as an HS Code Classification List. The entire list is passed down by customs authorities all around the world to analyze tax rates and duty for particular kinds of goods. Some facts that you have to know about it:

  •          HS code governs by WCO (World Customs Organization). 98% of world trade runs by this code.
  •          Countries have used this code because it is a worldwide organization tool. And every country has right to add some digits in HS        code, but without changing primary 6 digits.
  •          Last but not least, it is used in most commercial invoices & global export documentation.

Let’s take an example of any country like India to understand HS code from depth,

  •           In India, DGFT (Director General of Foreign Trade) keeps HS Code Classification List of all products which are export from          India and import to India.
  •       This authority classifies every product by an exclusive number for trading purpose.
  •        DGFT has right to edit or change any specific item’s code or assign the new one for that.
  •        The list of HS code has 21 sections and 99 chapters.    

It is clear that HS code plays an important role in trading because all exported and imported products have become organized and easy to classify. Each trader in this world needs appropriate HS Code Classification List to execute successful trading transactions. As per records, more than two hundred nations are using this coding system for all the global shipments. There are so many web portals of market research firms available online which provide updated and genuine list of HS code for traders. You can visit these web portals and search this code for a specific product.

  • Seair Exim
  • 08-Jun-2018

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