Is HS Code same as commodity code?

Is HS Code same as commodity code?

Is HS Code same as commodity code?

Commodity Codes can also be loosely referred to as Taric Codes, HS Codes, Tariff Codes or Tariff Headings. It is important that you provide the right commodity code to ensure that you pay the correct amount of customs duties, taxes and other charges.

How do I find the Harmonized Tariff code?

To determine what the HS Code for your product is in another country, you can use a lookup tool in a foreign tariff database, such as the Customs Info Database.

What is a commodity code in SAP?

The code is an eight-digit number for exports outside the EU or goods moving within the EU, but is a ten-digit number for imports from outside the EU. Once you know the commodity code, you can look up other important information such as duty rates and any import or export restrictions.

What happens if I use the wrong HS code?

Incorrectly classifying a product can lead to non-compliance penalties, border delays, seizure of the products, or even a denial of import privileges. As the exporter of the products, you are responsible for correctly classifying them, and therefore you are liable. Because classifying is complicated this can be a risk.

Where can I find the commodity code?

Commodity codes can be found on the Trade Tariff website….Your commodity code tells you:

  • The duty and VAT ratings you’ll be charged for your goods.
  • If you can apply for a preferential duty rating (General System of Preference aka GSP)
  • Whether your product requires an import licence.
  • Whether anti-dumping duties apply.

How do you read commodity codes?

Commodity Codes are composed of ten digit numbers, however for certain goods there are an additional four digits. The ten digits are used for imports from outside the European Union and it is needed for TARIC imports declaration. For exports from the UK you only need the first eight digit code.

What is EU commodity code?

A commodity code is a sequence of numbers made up of six, eight or ten digits which are used within the European Union (EU) countries or outside the territory of member states.

What is HS code for shipping?

“HS” stands for “Harmonized System”, and refers to the single, universal and global classification system for most traded goods and products. What is an HS code? HS codes are used in most shipping processes internationally. They are six digits long and consist of a chapter and heading.

Where do I find commodity code in SAP?

The defined Commodity Codes be seen in the following tables as stated in SAP Note. These datas are stored in /SAPSLL/CLSNR (Trade Classification Number) tables. You can find the description of commodity codes in /SAPSLL/CLSNRT (description of commodity codes) tables.

What is Stawn field in SAP?

STAWN is a standard field within SAP Table t604t that stores Comm./imp. code no. information. Below is the list of attribute values for this field including its length, data type, description text, associated , search help etc…