HS Codes: Harmonized System Code of International Goods
The World Customs Organizations developed the harmonized system code (HS Code) or the HS Classification system is a multipurpose international naming system to classify commodities in 1988. The WCO is an intergovernmental organization set up to improve the effectiveness and competency of the customs administration. Presently 200 countries around the world use the code. 98% of the commodities traded in the world are on the list. All goods crossing international borders need to be declared at customs using the HS Codes . HS Classification system is an integral part of international trade. The WCO maintains the HS code . The body adds new products to the code as per requirements. The code was last amended in 2017. Customs authorities, government regulatory, market research organizations, and private organizations agencies utilize the code. The harmonized system code is used to:- • Monitor and control goods • Collect customs duties • Collect internal taxes • Monitor of contr...