How do you calculate HS?

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 is HS rate?

An HS or HTS code stands for Harmonized System or Harmonized Tariff Schedule. These codes are important because they not only determine the tariff/duty rate of the traded product, but they also keep a record of international trade statistics that are used in nearly 200 countries.

What is the difference between HSN and HS?

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 the purpose of HS Code?

It is a universally accepted method of classifying traded goods. Its main function is to help customs authorities identify products and assess the right duties and taxes on them. In the Harmonised System, each product is assigned a unique numerical code called the HS code.

What are HS codes used for?

The Harmonized System is a standardized numerical method of classifying traded products. It is used by customs authorities around the world to identify products when assessing duties and taxes and for gathering statistics.

What is the term for duties levied by the government on imported items?

Customs duty refers to the tax imposed on goods when they are transported across international borders. In simple terms, it is the tax that is levied on import and export of goods. The government uses this duty to raise its revenues, safeguard domestic industries, and regulate movement of goods.

Is HS Code same as ECCN?

An ECCN is different from a Schedule B number, which is used by the Bureau of Census to collect trade statistics. It is also different from the Harmonized Tariff System Nomenclature, which is used to determine import duties. All ECCNs are listed in the Commerce Control List (CCL) (Supplement No.

Is HS Code required on commercial invoice?

An HS code consists of at least six digits and is used by customs to classify the product being shipped. If you don’t include the HS code on the commercial invoice and other shipping documents, you risk the receiver paying the wrong tax and could possibly delay the shipment.

What is the structure of the HS code?

HS Code Structure. The HS code can be described as follows: It is a six-digit identification code. It has 5000 commodity groups. Those groups have 99 chapters. Those chapters have 21 sections. It’s arranged in a legal and logical structure.

How is the HS code used in trade?

HS Code Usage. The HS system is used by over 200 countries and other economies around the world for the collection of international trade statistics, and as a basis for customs tariffs. Over 98% of the goods involved in international trade are classified in terms of the HS Code.

What kind of extension cord is in Zauba?

EXTENSION CORD MC-21A (VDR00201) (PARTS OF DIGITAL STILL IMAGE VIDEO CAMERA) (PRE-PACKED GOODS INTENDED FOR RETAIL SALE) 17604-47 EXTENSION CORD 2L + P EURO (4122531) (PARTS OF CLEANING EQUIPMENT FOR INSTITUTIONAL PURPOSE) EXTENSION CORD (352666 ICOC 03-NC-005 (PARTS OF KEY CUTTING MACHINE).

What are the rules for an HS application?

According to Wikipedia, HS applications involve 6 General Rules that must be completed in consecutive order. They include: GRI 1 prescribes how to classify products at the four-digit Heading level, based on the wording of the headings and the relative HS Section and Chapter Notes.