The HS code system is developed, maintained, and updated by the World Customs Organisation (WCO) as per the requirements. Nearly 200 countries follow these HS codes as it is recognized at the international level. And it makes it very easy to identify a product by its code rather than using its name. You can compare it with the PIN code that we use for our cities. Over 98% of the goods involved in international trade are classified in terms of the HS Code.
It is a six-digit identification code.
It has 5000 commodity groups.
Those groups have 99 chapters.
Those chapters have 21 sections.
What Is The Difference Between ITC-HS Code And HS Code?
ITC stands for Indian Trade Classification or Indian Tariff Code. ITC-HS CODE CAN BE CALLED AS INDIAN VERSION OF HS CODE. ITC HS Codes has the 8 digit nomenclature. The first 6 digits of the HS Code are the same for all the countries that follow WCO standards.
US (United States) HS code follows a 10 digit nomenclature system. Remember the first six digit is the same as WCO standard.
The main difference between ITC-HS Code and HSN Code is that ITC has added further 2 digits in the 6 digit HS structure to classify “Tariff Items”. This addition has been done by following the existing rules of WCO without any changes in the existing structure.
What is the difference between the HS Code and HSN code?
HS code is a six-digit nomenclature system, which is followed worldwide. But HSN code is an eight-digit nomenclature system generally called ITC HSN code (Indian Trade Classification or Indian Tariff CodeHarmonizedSystem of Nomenclature) especially followed in India.
Note: First six digit of both HS CODE and HSN CODE is same.
Chapter 28: Inorganic Chemicals; Organic or Inorganic Compounds of Precious Metals, of Rare-Earth Metals, of Radioactive Elements or of Isotopes
Chapter 29: Organic Chemicals
Chapter 30: Pharmaceutical Products
Chapter 31: Fertilizers
Chapter 32: Tanning or Dyeing Extracts; Dyes, Pigments and Other Colouring Matter; Paints and Varnishes; Putty and other Mastics; Inks
Chapter 33: Essential Oils and Resinoids; Perfumery Cosmetics or Toilet Preparations
Chapter 34: Soap,Organic Surface-Active Agents,Washing Preparations,Lubricating Preparations, Artificial Waxes,Prepared Waxes Polishing or Scouring Preparations, Candles and similar Articles, modelling Pastes, “Dental Waxes” and Dental Preparations with Basis of Plaster
Chapter 86: Railway or tramway locomotives, rolling-stock and parts thereof; railway or tramway track fixtures and fittings and parts thereof; mechanical (including electro-mechanical) traffic signaling equipment of all kinds
Chapter 87: Vehicles other than railway or tramway rolling stock, and parts and accessories thereof
Chapter 88: Aircraft, Spacecraft and parts thereof
Chapter 94: Furniture; Bedding, Mattresses, Mattress supports, cushions and similar stuffed furnishings; Lamps and Lighting fittings, not elsewhere specified or included; illuminated signs, illuminate name-plates and the like; Prefabricated Building
Chapter 95: Toys, Games and Sports Requisites; Parts and Accessories thereof