Difference between HTS codes, HS codes, and Schedule B codes?

Are you aware about the difference between HTS codes, HS codes, and Schedule B codes? In informal conversation, exporters tend to use these conditions interchangeably; they, for the most elements, understand that these are codes shows classifications of products. While it’s not mistaken to use them interchangeably in informal conversation, it is significant to understand the dissimilarities—if not, you could get into problem, and your shipment could, as well!

Here are the classifications of the terms and examples of use cases when it is suitable to use each term:

Harmonized System (HS) Code:

• The Harmonized System categorization is a six-digit standard, known as subheading, for classifying internationally traded products. HS codes, also known as HS numbers, are utilized by customs authorities around the world to recognize the duty and tax rates for precise sorts of products.
• HS codes are managed by the World Customs Organization. HS codes are renowned in 98% of world business.
• There are six digits in an HS code. You make use of an HS code as it is a universal classification device—many governments add further digits to the HS number to additional differentiate products in definite categories. These extra digits are naturally special in every nation.
• HS codes are utilized in most international export documents and commercial invoices (except your product falls into one of these groups).
• When you’re completing export papers, any documents that are used globally, like the commercial invoice, should show the six-digit HS code despite of a longer code.
• HS codes are utilized in most global export documentation as well as commercial invoices.

If you are looking for more information about HS code and ITC code, it is better to visit online website and collect required details.