Mentioning HS code in the invoice is necessary if you are into export-import or EXIM business from India. In this way, the customs department can know about the product and tax of the shipped goods from India. Hence, the HS numbers or code of the first 6-digits represents the product classification. It is a standardized one by the world trade organization or WCO. Thus, the countries registered with WCO have to follow such guidance for international trading. For more details, you can check seair.co.in.
Harmonized classification comprises of 10-digit numbers. They are printed in the invoice of exporters and importers from India. By this, the customs department can identify what the products shipped, and their tariffs are. They are known from the first six numerics. Here, a product is classified into a division with headings and subheadings. They represent product classification and type. The last four digits out of these ten digits are for the tariff. Hence, it is harmonized one worldwide. Sometimes, the harmonized system codes are called HS numbers too. It is because; it is not an alphanumeric one.
List of HS Codes is necessary if you export or import more than one product. Either, the HS code of every good is different. Hence, you need to keep a handy one or check online in the HS code finder tool. Thus, you can save money by not paying an EXIM advisor. Here, you can type a product name and get lists HS code. If you know the HS code, you can get the product name too. In this way, you can find such codes or product names, which are in international trading. These codes are necessary to have with your billing and accounts team. It does help in filing taxes.
HSN Codes are not easy to memorize by anyone into EXIM business. The WCO do update this list every 5-years. There are more than 5000 HSN codes. Either, that many goods are traded the world over following the WCO guidelines. It is advisable to take a printout and keep it in your office for a reference. You can keep them handy by using HSN code finder in your Smartphone. Hence, international trading people can say the HS code within a few minutes by checking it online. Moreover, you can download them in excel or PDF file to check later on. It is how the trading communities are benefited out of HS code online.
SEAIR EXIM Solutions is a trusted Exim data providing company. It provides global trade data of 80+ countries in the world. Or major services are import export trade data, Indian Import Data, Export data India, Custom Duty on Import, HS code finder, GST rates and so on.
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