How many digit is HS code?
6 digitsHS codes are composed of 6 digits and broken down into: Chapters (first 2 digits), Headings (first 4 digits) and Subheadings (full 6 digits).
The HS codes are further subdivided into 7- to 12- digit items depending on the country (also referred to as commodity codes and national tariff lines)..
What is HS Code in export?
HS Codes are important for government officials to identify goods being imported and exported in order to collect the proper taxes. HS Codes stands for Harmonized System Codes. … They identify products that are being imported or exported through a country’s borders.
Do I need an HS code?
The Harmonized system (HS) classification is a six-digit code for classifying internationally traded goods. … These digits differ across countries. These codes are required for international export documentation and all commercial invoices. In fact, any documents that are used internationally should display the HS code.
What happens if I use the wrong HS code?
Using the incorrect code could mean: The product will be classified incorrectly. The exporter’s certificate of origin will be prepared incorrectly. The goods will be entered into another country under an incorrect classification number.
How do I find HS Code?
To determine what the HS Code for your product is in another country, you can use a look-up tool in a foreign tariff database, such as the Customs Info Database.
What is product HS Code?
‘HS’ stands for Harmonised System or, in its long form, the ‘Harmonised Commodity Description and Coding System’. Developed in 1988 by the World Customs Organisation (WCO), HS Codes are typically 6- to 10-digit figures that all goods require for international transport.
How do you classify HTS codes?
HS codes are six digits that can be broken down into three parts: the first two digits identify the chapter in the HS Nomenclature the goods are classified in, the next two digits identify the heading within that chapter, and the last two digits identify the subheading within that chapter.
What are the advantages of HS Code?
The advantage of using HS Code is that everything has been previously well defined, structured and recorded, thus reducing the efforts required by the trading parties for documentation of the carried goods. The commodities can pass through the Customs faster, making the trade a lot smoother and time-saving affair.
Are HS codes universal?
The HS is thus a universal economic language and code for goods, and an indispensable tool for international trade. The Harmonized System is governed by “The International Convention on the Harmonized Commodity Description and Coding System”. … The maintenance of the HS is a WCO priority.
What does HS code mean in shipping?
Harmonized SystemAn HS or HTS code stands for Harmonized System or Harmonized Tariff Schedule. Developed by the World Customs Organization (WCO), the codes are used to classify and define internationally traded goods. … The difference between an HS code and HTS code is the number of digits within the code.