Any business selling merchandise to an international vendor has to assign the HS Code number to shipped products.
Online PR News – 26-August-2010 – – New Delhi, August 25, 2010: Infodrive India has recently released an interactive module for extracting Harmonized Code List which is an internationally standardized system of names and numbers for classifying traded products as developed and maintained by the World Customs Organization (WCO) (formerly the Customs Co-operation Council), an independent intergovernmental organization with over 170 member countries based in Brussels, Belgium. This online HS Code List classified under several sections including animal products, mineral products, vegetable products, vehicles, aircrafts, ammunition etc provides for the codes from year 2004 – 2010.
In the world of foreign trade, understanding of the harmonized code list is a must. To this, an executive from Infodrive India said, “This complex list of hierarchal numbers is designed not only to simplify trade between countries, but it is also to relieve the governments and business owners from the burden as they try to avoid commodity classification errors”.
The Harmonized code list available on infodrive India will not only simplify the task of importers and exporters by making available the entire data on a number of categories but will also help them search for a particular segment of products which can be easily accessed to get any required code. It is these codes that will determine the import-export admissibility, rate of duty and other important things related to the product.
Since HS Code List has become an indispensable part of today’s foreign trade because of all exporters and importers needing to give the details of the HS Code to customs before they start with any kind of trade, this database release is highly appreciable. This code number is to appear on the invoice along with other standard export/tariff information, so that the customer/client can add the correct HS number to its own invoices.
With the website providing automation software to classify and manage HS code list, traders can minimize reliance on costly trade “experts,” reduce paperwork redundancy and ensure expedited shipping. Errors in human coding which can cause a variety of problems, especially in foreign trade including shipping delays, duty overpayment and non-compliance penalties can also be reduced. “ Amongst the various advantages of this list been released on web to foreign traders, ease of use, training simplicity, intelligent user interaction, instant, accurate HS coding , easy integration with SCM, GTM or ERP systems and automatic application of up- to –date trade requirements are a few that will make foreign trade easy” , adds the company executive.
To learn more about foreign trade regulations and to get several links to HS code List including the current list database, visit http://www.infodriveindia.com/HS-Codes/Default.aspx .