Harmonized Tariff Schedules.
A Harmonized Tariff Schedule code can be referred to as a harmonized tariff schedule developed by the World Customs Organization and are codes which are used to define and classify imported and exported goods. The the basis used by the Harmonized Tariff Schedule to classify goods is according to the name, use, materials used for its construction and then a ten digit classification code number is assigned to the good. Harmonized Tariff Schedule numbers are administered by the United States International Trade Commission since Harmonized Tariff Schedule codes are specific to the United States. Harmonized Tariff Schedule CODES are very important since commodity duties are based on their classification. An Harmonized Tariff Schedule Code is in the same form as an HS code for the first six digits and then has differing four last digits. Neither HS codes nor schedule B codes are similar to the HS codes.
A Harmonized System code is a six-digit standard for classifying globally traded products. The six-digit standard is called a subheading. HS codes are recognized globally and are used by customs authorities all over the world for identification of tax and duty rates for specific types of products. They are usually administered by the World Customs Organization and recognized in the majority of world trade.HS codes are usually administered by the World Customs Organisation and are recognized in world trade. Many governments recognize HS codes since they are a universal classification method. Governments around the world add some digits to the HS codes to help further distinguish the products to certain categories.Additional numbers are put to the HS codes by governments around the world to help them further distinguish the product to different categories. These numbers may vary from country to country. HS codes are used as for reference in the documentation of export and import goods and also in commercial invoices.
The HS is organized into sections which are then subdivided into chapters which are then subdivided to headings and subheadings. The section and chapter parts describe broad categories of goods and the headings and subheadings are then used to further describe the goods to more detail. In the sections and chapter goods are categorized according to their technological complexity. Technological complex goods come later in the section while natural goods come in the early sections. Machinery comes in later sections while animal products and farm products come in the earlier sections. For the chapters, which is also seen in sections commodities are arranged according to their degree of manufacture.
Schedule b code can be described as a ten digit subset of Harmonized Tariff Schedule codes for exporters in the United States. The United States uses schedule B codes to monitor their exports by using statistics from schedule B codes. These codes are usually maintained by the United States Census Bureau. By using schedule b codes classification of goods is much faster and much easier as compared to using Harmonized Tariff Schedule codes.