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Do HS codes vary from country to country?
Individual countries have the authority to add to the HS system to create 10-digit codes based on their individual taxes and needs. (Some countries use eight-digit codes; others use 12-digit codes. Any digits beyond those six are country specific and could be different for every country.
Are HS codes country specific?
The first six digits of the HTS code identify all items in international trade and are the same for all countries that use the HTS. The last two or four digits are country specific; in the U.S. these last four digits provide the duty rate and balance of trade statistical reporting suffix for the imported goods.
What countries use HS codes?
In countries like Brazil and India, HS Code is used up to 8 digits while there are a few nations like Russia and USA in which this code is used up to 10 digits for product’s classification.
Are HS codes different for import and export?
Entrepreneurs preparing to export goods need to fill out Canadian exporting forms using the Canadian HS code for the export products. The country importing the goods might have a different classification (HS Code) for that same product in its tariff schedule.
What if HS Code is wrong?
Incorrect HS code usage means you end up paying a higher or lower rate of duty. When discovered, this can result in: Steep fines and penalties imposed by customs authorities. Denial of import-export privileges.
Is HSN code common in world?
This is a 6-digit code that classifies various products. India has been using HSN codes since 1986 to classify commodities for Customs and Central Excise. The codes prescribed in the Customs tariff are used for the GST purposes too. HSN is used all over the world.
Is HS Code same as commodity code?
Commodity Codes can also be loosely referred to as Taric Codes, HS Codes, Tariff Codes or Tariff Headings. It is important that you provide the right commodity code to ensure that you pay the correct amount of customs duties, taxes and other charges.
How do you classify HS Code?
HS codes are six digits that can be broken down into three parts: the first two digits identify the chapter in the HS Nomenclature the goods are classified in, the next two digits identify the heading within that chapter, and the last two digits identify the subheading within that chapter.
What if HS code is wrong?
Do I need HS code for Shopify?
Ava here from Shopify. The HS tariff code is the harmonized system code. If you want to ship your products internationally, you would need to enter these codes. These codes provide customs with information so that correct tariffs can be applied to the order.
What happens if I use the wrong commodity code?
If you use an incorrect commodity code, you might find that your goods are seized or delayed by customs. You might pay incorrect VAT or duty, and – if you pay too little – could be liable for extra fees and charges.