Update list of Harmonized system code list

Do we know what Harmonized system code list is and how it is beneficial for international trading? Firstly, we have to be known of what is Harmonized system code list is? Let us understand with an example, let’s we have to buy a laptop from any international market. 

But different things have different names all around the world, so it is difficult for the people to understand about the actual requirement of the product.  As a solution WTO, ICC & ITC have united and created a system, which is called Harmonized system code list and fully formed as Harmonized System code. These codes have 97 chapters in the world and India has 98. Different commodities have been categorized in different codes so they can be easily searched by buyers and exporters.

In international trading, we may listen to the term named HS Code. It controls exporting and importing products by using specific codes and plays the role of seamless business trade across the world. 

There are a variety of products that can be exporting and importing in trading, such as fresh products and industrial products. There are different specifications of industrial products and there are countless varieties of instruments based upon their specifications. One cannot easily understand the type of product only by checking the invoice or only by checking the product name on the packaging list. But by using the Harmonized system code list for custom declaration, one can be easily understood or identify the product immediately without any confusion.

When Harmonized system code list s are utilized:

Harmonized system code list are utilized for customers' declaration of export and import for both countries. Six digits for this system classification are universal.  However, different duty rates may take place in exporting countries and importing countries depending on the understanding of the classification of the products.  The duty rate may get differ as expect if import side custom specialists apply a different harmonized system code list for importing.

So, while using any export-import agency, there is always a custom specialized and qualified and will select the relevant exporting and importing goods.  They will check the product name on the shipping note and then select the valid HSN code search for the same.

What is harmonized system code list?

harmonized system code list is a standard to identify a product in trading. The WCO has set the Harmonized system code list s for more than 5000 products. They do update these codes as and when innovative products enter the international market. Thus, they do intimate the countries listed with WCO. As of now, there are 200 countries in regulated trading. They all follow the rules and regulations set by the WCO. The Harmonized system code list s are four to ten digits numbers. They represent goods classification and tariff. You can search WCO, foreign trade market research agencies, shipping companies, clearing, forwarding agents, and official websites of traders.

When exporting the products to a company that has an EPA agreement, then one can receive a reduced custom tariff if you can provide a certificate of origin for the product. If one is exporting with a certificate of origin and a wrong harmonized system code list is applied, then the incorrect tariff rate could be applied and one may not receive the special rate.  A certificate of origin should be submitted by the exporter of the Japan Chamber of Commerce and Industry. Before submitting the documentation, one should identify the 6 digits HS Classification and tariff rate for the importing country.

We at export import data platform and present on the internet with solutions of many queries of different companies who are looking forward to expanding business by making the footprints in the foreign market hub. We provide the complete details of the exporting and importing companies in India who have great contacts with the international markets and can export or import your raw materials without any risk.

 

 

 

 

 

 

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