What is Commodity Code?
If you import or export goods from within the European Union (EU) or outside it, you should understand the importance of commodity codes.
When trading internationally, you will need to find the correct commodity code for your goods so you can fill out customs paperwork accurately. 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.
Classifying goods and how to do it
When trading internationally, you need to select the right commodity code for your goods. You can find classification codes in the Tariff.
Classifying your goods correctly will help ensure that you:
pay the right duty and VAT
know whether an import or export licence is needed
You are legally responsible for the correct classification of your goods, even if you use an agent. Incorrect classification can lead to your goods being delayed or seized and you will have to pay any duty and tax owed, plus possible financial penalties.
Where we create and assign it??
In j1id, you have to create commodity code in "Chapter ID" and assign to your material in "Material and Chapter ID combination".
thanks
G. Lakshmipathi
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