Know the Correct Indian HS Classification

The HS classification also known as the harmonized commodity description and coding system is an international classification system used for the collection of Exim statistics as well as to assist in the collection of tariffs and duties.For decades, individual nations used their systems for classifying goods and services. Without a global standard, it was difficult to categorize goods for collecting trade tariffs, knowing the customs duties, etc.

HS code are generally required for all exporters, manufacturers, banks, financial institutions, freight forwarders, and other organizations that are involved in the international business. These codes are required and used to avoid terrorism, narcotics trafficking, money laundering, and other activities.

HS code india is globally used. The world customs organization maintains the harmonized code. The first six digits of the HS code identify all items in international trade and are the same for all countries that use the harmonized system. The last two or four digits are country-specific.

As an importer, you are responsible for establishing the correct Indian HS classification used on your import entries. This is why it is important to report accurate information about the products to be traded.The HS code is primarily a classification system to uniformly identify products and secondarily a tariff system on imported goods. Using the wrong code will result in an incorrect payment of duties whether too little or too much, creating an issue for revenue collection mission. To avoid any confusion, the WCO has revised the harmonized code list in 2017. So the traders are required to know the updated HS codes of their products.

There are many trade data vendors which provide the latest HS codes list. But to avoid any mistake, choose the best trade data provider Export Import Data Solutions to know the product-wise HS code.