Hs codes what is

They include:. The acceptance and versatility of the HS code as a universal economic language and code for goods has made it an indispensable tool for international trade, incorporated into many customs clearance systems around the world.

Using the correct HS code and the right interpretation is of utmost importance for an importer , as usage of incorrect code may be considered by customs as non-compliance, misleading or misdeclaration — each of which comes with its associated penalties. Using the correct HS code can be quite tricky in specific instances, as an interpretation of the codes may vary between countries and customs authorities.

Improper usage of the HS code could result in an improper tariff being applied by customs, which can increase the cost of imports to the customer exponentially. HSN Codes were required by a distributor of chemicals from Mumbai in order to check tax information and pay the correct amounts in accordance with local regulations. TFG put us in touch with expert HS experts so that we could ship our chemical goods across the state and also pay the appropriate taxes to the government.

Get started Contact the trade team. While we can access many traditional forms of finance, we specialise in alternative finance and complex funding solutions related to international trade.

We help companies to raise finance in ways that is sometimes out of reach for mainstream lenders. Trending Now. Do you export? Take part in our access to finance survey. UK budget: Sunak promises action on HGV crisis, shipping and tonnage tax, warns of further inflation. HS Code Explained. What is an HS Code? It has commodity groups. Those groups have 99 chapters. Those chapters have 21 sections. This applies throughout the EU if it concerns an identical product.

The HS code system is developed and maintained by the World Customs Organisation WCO , an independent organisation at government level with around members, having its seat in Brussels. The HS code is also referred to as the goods code, statistics code, statistics number or tariff code.

Please feel free to contact our staff for questions or advice. The amendments split, merge, change in scope between the latest HS edition and its previous edition are maintained by WCO. WCO Reused Codes. It is unlikely that discontinued HS codes are to be used in later editions, nevertheless it is possible. Please note that the scope of reused codes may be different or similar. See the list at HS Reused Codes.

These legacy codes were no longer used in HS Therefore, users should be aware that scope of legacy codes in earlier HS and are not the same with current HS codes. Correspondence Tables The amendments split, merge, change in scope between the latest HS edition and its previous edition are maintained by WCO.

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Password: Confirm Password: Update Password. Related Links. UN Comtrade Reference Tables.