Find HSN code and list of HSN code for Trading
by Seair Exim Solution Import Export DataHarmonized commodity
description and coding system or the HSN code or Harmonized System is an
internationally recognized code for classifying products. The World Customs
Organization (WCO) developed the code in 1988. The headquarters of WCO is in
Brussels. Around 200 countries are members of the WCO. Today 98% of the
commodities traded are classified by HSN Classification. The
classification covers over 5000 commodities traded across the world.
The HSN Classification is arranged in
99 chapters and 21 sections. The 99 chapters are divided into 1244 headings and
5244 subheadings. The HS-Code is a six-digit code arranged legally and
logically. The six-digit number has three parts:-
- The first two-digits helps to
identify the chapter
- The second two-digits are for
the headings
- The last two digits identify
the sub-heading
The WCO meets every
few years to amend the HSN Classification to add new items or
delete items that are not traded anymore. The code was last updated in 2017.
Traders extensively
use HSN Code Find to get details on the commodity they
trade-in. The code helps them find the total landed cost of the commodities.
They use the code to identify selling and sourcing opportunities abroad.
The HS Classification is complicated. Traders have the legal
responsibility to fill in the correct code. Filling the incorrect code can
result in delays, seizures, penalties, and severe cases revoking import
privileges. HSN Code find ensures the trader fills in the
correct code. There are several resources available to help traders like the
Seair Exim Solutions. The company specializes in providing authentic Import Export Data from around the world.
The HSN
classification has been modified by countries for domestic requirements.
The Directorate General of Foreign trade adapted the HS-Code to create the
ITC-HS Code or Indian Trade Classification. The List of HSN Code provides
traders with a ready reference to get the latest trade information. The trader
can refer to find HSN code to fill in the import documentation.
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Created on Mar 8th 2021 23:24. Viewed 336 times.