HS stands for 'Harmonized Commodity Description and Coding System' - It is a standardized internationally accepted system which is applicable for naming and numbering of traded products for easy classification. It is developed and monitored by Customs Organization which is an independent intergovernmental organization. The organization is based in Brussels, Belgium with over 170 registered members.
The HS code is applied in different fields however, mostly for tariffs. HS code is a basis for custom and transport tariff statistics, internal and international trade tax collection statistics. It is also used for trade negotiation such as WTO (world trade organization) schedule concession tariff. Apart from the tariff, HS code also helps in monitoring the waste goods, narcotics, chemical weapons and other substances which deplete the ozone layer. On basis of the statistical data, custom controls and risk assessment can be strategized. Over all, HS code plays a vital role in standardizing of the goods. It is the only key to global trade which enables government to assess customs duties. The companies on other hand use HS code to determine the cost of the imported goods and materials. It in turn helps the company in identifying the selling and sourcing opportunities. The codes are being revised regularly throughout the year. If it is required, one must check the matching definition of the current code to the past code of the same product.
To know more about HS coding related to steel pipes and tubes, follow the link
The HS code is applied in different fields however, mostly for tariffs. HS code is a basis for custom and transport tariff statistics, internal and international trade tax collection statistics. It is also used for trade negotiation such as WTO (world trade organization) schedule concession tariff. Apart from the tariff, HS code also helps in monitoring the waste goods, narcotics, chemical weapons and other substances which deplete the ozone layer. On basis of the statistical data, custom controls and risk assessment can be strategized. Over all, HS code plays a vital role in standardizing of the goods. It is the only key to global trade which enables government to assess customs duties. The companies on other hand use HS code to determine the cost of the imported goods and materials. It in turn helps the company in identifying the selling and sourcing opportunities. The codes are being revised regularly throughout the year. If it is required, one must check the matching definition of the current code to the past code of the same product.
To know more about HS coding related to steel pipes and tubes, follow the link
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