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Easy Understanding of the Hs Code for Import Export Business

With tonnes of products being traded in the market, it becomes hard for the traders to get product specific information. The World Customs Organisation (WCO) developed an internationally standardized system of names and codes to classify traded products by a tariff nomenclature known as the harmonized system code (HS code).
The HS is organized logically as per the component's material. It is organized into 21 sections, which are further subdivided into 99 chapters. The 99 HS chapters are then subdivided into 1,244 headings and 5224 subheadings.
The HS code consists of minimum 6-10 digitals. The first two digits denote the HS chapter, the second two digits denote the HS heading and the third two digits the HS subheading. This code is almost the same for any product up to 6 digits in all the countries but it varies for the next 8 or 10 digits. 



In India, the HS code is better known as ITC HS codes i.e. Indian Trading Classification based on the Harmonized System of coding. Indian customs use 8 digits ITC HS codes as best suited to the national trade. It is divided into two schedules:
  • ITC HS code schedule 1 describes guidelines for imports,
  • ITC HS code schedule 2 describes guidelines for exports.
The Indian system of harmonized code is classified into 21sections with 99 chapters which are further divided into 1244 headings and 5224 subheadings. The changes regarding the addition or subtraction of any new code in the ITC HS Code List Search is done by the Directorate General of Foreign Trade (DGFT).
Export Import Data Solutions is one of the most reliable export import data companies in India that offers import export data of India at a reasonable cost. We also provide Indian import data, export data India, customs data India, Indian trade data, and many more.

Comments

  1. Bangladeshimportsdata.com24 December 2020 at 02:38

    Bangladesh Trade Data report is based on actual import-export documents including import bills, export bills, shipping bills, bill of lading, and invoices. It helps to find out the appropriate value and demand of your commodities in the Bangladesh marketplace. The trade data of Bangladesh is also very helpful for global import-export companies. https://www.bangladeshimportsdata.com

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