Import Export Trade: Get Daily Indian Customs Shipment Records

The HS code system is one key to global trade, which is used by governments to assess customs duties, enforce domestic regulations, perform risk assessment and collect trade statistics. Companies also use the code to determine the landed cost of imported goods and materials so they can identify selling and sourcing opportunities abroad and bring elements of procurement and compliance together in the supply chain.

The HS, or Harmonized Commodity Description and Coding System of tariff nomenclature, is an internationally standardized system of names and numbers that is used to classify traded products. It was developed by the World Customs Organization, also known as the WCO for short, which is still responsible for maintaining the code. The organization has been integral to global trade management for many years, and was formerly called the Customs Co-operation Council. It is an independent intergovernmental organization based in Brussels, Belgium with more than 170 countries as members.

Companies can determine the landed cost of raw materials, semi-finished and finished goods, consisting of the total cost of purchasing, transporting, warehousing and distributing, using this code. Government organizations can determine customs duties, enforce domestic regulations, perform risk assessments and collect statistics using this trade-related numbering system. The digits in the code consist of a four-digit heading, which is part of a six-digit subheading, which cannot be changed. Individual countries may extend the HS number to eight or ten digits for customs or export purposes, however.

Author: Groshan Fabiola