All You Need to Know Concerning HTS Code

In the current days, it is easy to transact between one country and the other because there is proper imports and exports tracking. This is has been contributed by technological advancements. Currently, there are different programs, software and applications that are used in order to facilitate imports and exports goods and commodities tracking.

One such program is the installation of the harmonized tariff code or HS system. A harmonized system classification is a type of import classification and tracking program that uses Harmonized System codes or HS Codes and Harmonized Tariff Codes or HTS Code. Actually, an HTS Code or an HTS Classification code is a certain number that mostly comprises of ten digits.

This schedule b number is always provided in the documents of any products that have to be imported in the state. It is a must that every import to contain this number for easier tracking and accounting. This number is used as the primary identification of the products so that the state can be aware of the imported good. This HS Tariff Classification Number or HTS Code is a number that basis its origin in world customs organization or WCO.

Therefore, every import must have its own unique HS Code or number. These HS Codes and numbers are internationally recognized nomenclatures that are used for identification of products throughout the world. One of the benefits that come with these HS Codes or numbers is that each participating country does not have to come up with different numbers or codes.

One code can be used by all participating countries regarding one item or commodity for easy tariff generation or compliance. Internationally, these HS codes are six digits in the number. They add up to ten when they reach the country of destination where they are converted to HTS Codes for easy recognition. There are certain benefits that come with HS Codes and HTS Coding. These benefits include.

1. Proper Customs collection.

Actually, many countries and more so the developing countries are faced with the entry of illegal goods into the country. On the other hand, many goods even though not illegal end up penetrating into the countries markets without passing through the proper method. Due to this fact, the countries end up losing a lot of revenue of lost customs duties. HS Coding and HTS Coding ensure that all goods entering the country are tracked and necessary custom duties are collected.

2. Control of Counterfeit Goods.

Another benefit that comes with HS and HTS Codes is that all participating countries are able to control entry of counterfeit good in their markets. It is obvious that counterfeit goods do not contain these codes because they are not recognized by the WCO. Therefore, entry of such goods into a countries market is controlled. Check this video about tariff code:  https://www.youtube.com/watch?v=vy82fC2jgS0.