Here’s Everything You Need to Know About HS Classification
HS Classification system has many other names such as HS Codes, Harmonized System , and Harmonized Commodity Description. This is a standardized global system to categorize traded commodities. The system was first implemented in that year 1988 and is presently maintained by the WCO (World Customs Organization). It has 211 member countries and each country approves to categorize its HS tariff code and duty structure according to HS code groups. It is used to ease international trade by creating unified categories to classify several different kinds of products. This system has about 5,000 product groups in 6 digit codes broken down into 96 harmonized system chapters, 21 harmonized system sections, as well as thousands of headings. How are Codes Structured in HS Classification System? This coding system has 4 components that have listed below. To understand it properly, let’s take an example of 0901210050 HS code: · ...