HS Classification or the harmonized code is the worldwide standard for the description of the type of commodity trade. All the commodities that enter or exeunt the international borders have to be declared to customs using this code. The code is identified by a six-digit code used for 5,000+ commodity groups covered in 99 Chapters containing 21 Sections.
HS Classification was introduced in 1988 and has been adopted by most countries worldwide like Peru, Indonesia, India, Mexico and many more making the HS code country-specific. The Indian HS code is called Indian trade clarification based on the harmonized system of coding for Export Import Data operations. The harmonized code globally has undergone changes called revisions in the classification of products in 1996, 2002, 2007, 2012 and 2017 by the world customs organization.
How is the List of HS Codes used?
The list is used by many economies around the world as a basis for their Customs tariffs and the collection of international trade statistics. The main purpose behind this global trade nomenclature harmonized code is to simplify the export and import functions across the countries in a time-saving manner. All HS codes of the items will give complete details of the country-specific duties, cresses levied on them. Therefore, using accurate HS codes one can simplify trade.
Visit the online portal of SEAIR Exim Solutions which allows you to have an easy search of import duty to India by putting a product in the box. All the details provided are authenticated and updated as per the facts and figures compiled from the shipping bills and invoices filed at the respective Customs departments. Luckily, the person reading this had got a chance to have a quick search of the information on the List of HS Codes.
Comments