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What is meant by HS Code?

Anonymous

∙ 14y ago

Updated: 9/19/2023

Hi!

HS code's full form "Harmonized Commodity Description and Coding System".

HS is an internationally standardized system of names and numbers for classifying traded products developed and maintained by the World Customs Organization. (WCO) And, more than 170 countries participate in it!

Under the HS Convention the contracters are obliged to pay their tariff schedules on basis of HS nomenclature!

It is used by more than 200 countries(representing more than 98% of the World Trade) as a basis for collection of internal taxes, customs tariffs, transport tariffs and various other such trading purposes!

Wiki User

∙ 14y ago

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