What is HS code in export business?

What is HS code in export business?

In the EXIM industry, HS code stands for the harmonized system, i.e., identification of a different group of products, and their categories through a given code. Different countries follow the same HS code grouping for the identification of various products.

What is an HS code of a commodity for import export?

HS stands for Harmonized System. It was developed by the WCO (World Customs Organization) as a multipurpose international product nomenclature that describes the type of good that is shipped. Today, customs officers must use HS code to clear every commodity that enters or crosses any international borders.

What is code for export?

Import Export Code (also known as IEC code) is a 10 digit identification number that is issued by the DGFT (Director General of Foreign Trade), Department of Commerce, Government of India. It is also known as Importer Exporter Code.

What is the HS code for products?

The Harmonized System (HS) is a global product classification system. To export, you will need to know the HS Code for your product. Among industry classification systems , Harmonized System (HS) Codes are commonly used throughout the export process for goods. The Harmonized System is a standardized numerical method of classifying traded products.

Which Canadian export classification code should I use?

If you are reporting on paper (Form B13a), you may use either the 8-digit Canadian Export Classification code, or the 10-digit Canadian Import HS Code; both are considered valid until further notice. Regardless of the method of reporting, you must ensure that the classification code you provide accurately describes your goods.

What is the HS in international trade?

The HS was developed and is maintained by the World Customs Organization (WCO), an independent intergovernmental organization with over 179 members and is based in Brussels, Belgium. The HS is the standard coding structure and related product descriptions used in international trade. What is HS compliance?

What is a HS number for exports?

The United States uses a 10-digit code to classify products for export, known as a Schedule B number, with the first six digits being the HS number. There is a Schedule B number for every physical product, from paperclips to airplanes. The Schedule B is administered by the U.S. Census Bureau’s Foreign Trade Division .