Harmonized System (HS) numbers are used to classify products for customs purposes. By international agreement, most countries recognize the same first 6 "harmonized" digits.
To get a duty rate, one needs to have the complete product number used by the importing country. Since this is sometimes difficult, companies can use the Schedule B number to approximate.
Schedule B Numbers are used to classify exported products in the United States and are based on the international HS system. HS numbers and Schedule B numbers will be the same up to the first 6 digits as the importing country's classification code.
Exporters need to know their product’s Schedule B and HS numbers for the following reasons:
- To determine applicable import tariff rates and whether a product qualifies for a preferential tariff under a Free Trade Agreement;
- The Schedule B number is needed to complete the Shipper’s Export Declaration, Certificates of Origin and other shipping documents; and
- The HS Number may be needed on shipping documents, such as certificates of origin
1 comment:
HS code list is in a general sense, another lingo of trade which implies the substance of trade brief. In today's motivation of time, these codes have been able to be vital bit of trade for all exporters and shippers. These codes centre the import-exchange consistency, rate of commitment and other vital things related to the thing.
http://www.seair.co.in/hs-classification.aspx
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