HTS is the abbreviation of Harmonized Tariff Schedule. HTS was established on the basis of HS. It is a general item code formulated by the World Customs Organization in January 1989. ) Among them, the number of goods codes is 4 or 6 digits, and then each country formulates detailed codes...
Using the correct HS code and the right interpretation is of utmost importance, as usage of incorrect code may be considered by customs as non-compliance, misleading or misdeclaration – each of which comes with its associated penalties. Using the correct HS code can be quite tricky in specific...
Disclaimer: This content provides general information to merchants who import goods through US Customs and is for informational purposes only. Export classification systems change often and without notice. You are responsible for reviewing and using this information appropriately. This content doesn’t con...
As seen in the image above, the HTS code for this particular product is simply ‘0000’. This means that there is 0% in customs duty to pay as an importer, regardless of the product’s country of origin. But there is a 20% value-added tax (VAT) to pay, again, regardless of the...
What is HS Code and HTS Code? HS and HTS Codes are widely used in the world of international trading. HS Code stands for Harmonized System Code and HTS Code stands for Harmonized Tariff Schedule Code. HTS and HS Codes were both developed by the World Customs Organization (WCO) and are us...
What is the Difference between Schedule B commodity codes and ECCNs? Are Schedule B and HTS numbers the same? Schedule B numbers and HTS numbers are U.S.-specific numbers derived from the same international standard – the Harmonized System (HS) – set by the World Customs Organization (WC...
Importers must be aware of the country of origin of their products. While it may seem simple when a product is entirely grown or manufactured in a single country, in today’s global economy, it can be challenging to establish the country of origin for customs purposes. This information holds...
The Schedule B code is a 10-digit subset of HTS codes for U.S. exporters. Schedule B codes are used for statistical purposes by the U.S. government to monitor U.S. exports. Schedule B codes are maintained by the U.S. Census Bureau instead of the ITC. As with HTS codes, the first...
The U.S. Foreign Trade Regulations (FTR) require that the Electronic Export Information (EEI) should be filed when the value of the goods in the export shipment is more than $2,500 per Schedule B or HTS commodity classification code. A Routed Export Shipment A routed export shipment is a...
1. Basic Customs Duty: - BCD is considered an indirect tax as it is levied on the importers and distributors and is calculated using the Harmonized Tariff Schedule (HTS). It is then passed on to the consumer to recover the amount the concerned parties have paid as duties. 2. Countervaili...