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What is difference between HS Code and HSN code?
What Is HSN Code? The full form of HSN stands for “Harmonized System of Nomenclature”. HS Code which is known as HSN Code in India was developed by World Customs Organization (WCO) as a standardised system that classifies goods all over the world in a systematic manner.
What is HS Code in export?
The US code is called a Schedule B number for export goods and a Harmonised Tariff Schedule (HTS) code for import goods. Similarly, in India, goods for export and import have an eight-digit code called an ITC (HS) code, where ITC stands for Indian Trade Classification and/or Indian Tariff Code.
How do I find the HS code for my product?
The HS code for your product will be listed on the commercial invoice a buyer receives with their order. It may be used to classify products upon export and to calculate applicable taxes and duties upon import.
What is a HS code for shipping?
Harmonized Commodity Description and Coding System
HS code is short for Harmonized Commodity Description and Coding System. It’s a list of numbers used by customs to classify a product.
What is HS code in different countries?
HS code of any product is almost same upto 6 digits in all countries but it varies for 8 digits or 10 digits. Let’s take a look at HS code in different countries. HS Code is also known as HSN Code in India. Goods are classified into Harmonized System of Nomenclature or HSN.
Why are HS and HTS codes important for global trade?
HS codes are used for goods only and not relevant for services. Why are HS codes and HTS codes important for global trade? The Harmonized System code for goods, or it’s full name – the Harmonized Commodity Description and Coding System – was adopted by the World Customs Organisation (WCO) in 1983.
How many Harmonized System (HS) shipping codes are there?
You can find a good website to lookup the code for your product here. How many Harmonized System (HS) shipping codes are there? There are approximately in circulation 5,300 HS codes that identify export goods that are broken down into headings along with subheadings.
What are the HTSUS codes for imports?
It’s very important that all U.S. importers know and use the correct HTSUS codes, because commodity duties are assessed based on this classification. An HTS code takes the same form as an HS code for the first six digits, and then has four differing last digits. Use Case: If you are a U.S. importer, this is the code you must use.