The Role of HS Code When Importing or Exporting Productsby Import D. Export Import data Provider
HS Codes are very crucial for government administrators to recognize products being exported and imported in order to obtain accurate taxes.
Harmonized System Code is the full form of HS code. HS classification is the last challenge products face before hitting the finish line in the procedure of shipping. 6 to 10 digits numbered harmonized tariff code serve 2 main roles and purposes aside from assisting products clear through customs:
· They categorize goods that are being exported or imported through a nation’s borders.
· They organize goods in a universal system used for customs clearance purposes.
This code is crucial to exporters and importers as having proper product classification is a part of their legal responsibility.
Before getting into exporting and importing marketplace, one of the most crucial steps for transporters to take is assigning a harmonized system code. Many exporters & importers might take too lightly the prominence of HS code. Shipping before assigning HS code is a bad business practice and can cause serious issues that could be risky to both parties’ basic businesses and damaging one’s reputation as well.
Here are listed a few problems that can occur when harmonized system codes are not assigned correctly:-
· Effect on Duty Rates
· Importer Security Filing
· Risk of Delays
· Regulatory Risk
This code plays a very important role in the import and export business. There are several market research companies present in the market that provide the right HS code service for your import-export business. There are both types of HS code that have mentioned below:-
HS Code Import Data
This data is a helpful source for import business as you can get HS code list country-wise. You can get HS code information of a particular country’s particular imported product. Apart from this code, it provides a description, brand, category, value, and importer name of the product.
HS Code Export Data
This data is a helpful source for export business as you can get HS code list country-wise. You can get HS code information of a particular country’s particular exported product. Apart from this code, it provides a description, brand, category, value, and exporter name of the product.
By consulting online market research firms, you can also get a complete and updated list of Import Data India.
Created on Jun 27th 2019 02:40. Viewed 422 times.