What do you mean by HTS?
What do you mean by HTS?
An HS or HTS code stands for Harmonized System or Harmonized Tariff Schedule. Developed by the World Customs Organization (WCO), the codes are used to classify and define internationally traded goods. You can drill into any schedule to see import and export values for any of the 42,847+ HS and HTS codes.
What is an HTS subheading?
The HTS is a 10-digit code designed so that each article falls into only one category. The 6-, 8- and 10-digit classifications are called subheadings. U.S. Customs and Border Protection (CBP) uses this system and its rules to classify imported goods.
How do you calculate HTS?
If you don’t know the HTS Code of your product, you can try to determine the HTS Code using the general rules of interpretation (GRI’s) to find the HTS that best fits your product. There is a searchable function on the USITC site (shown below) or Flexport’s HS Code Lookup Tool.
What is my commodity code?
A commodity code is a ten-digit number allocated to goods to classify imports 🛳️ from outside the EU. Every item will fall under a commodity code – and this commodity code dictates your duty rating, as well as alerts you to any import or export restrictions.
What is HS code in Bangladesh?
HS Codes or Harmonized System Codes are an industry standard by which export goods are tagged with. The Harmonized System is a numerical method that is a standardized way of classifying trade products.
Who is responsible for HTS codes?
The World Customs Organization
HTS codes are a global tool. The World Customs Organization (WCO) maintains the Harmonized Tariff Description and Coding Schedule (HTS). Over 170 countries participate in WCO’s HTS system.
What are 301 duties?
Section 301 of the Trade Act of 1974 (19 USC §2411) grants the Office of the United States Trade Representative (USTR) a range of responsibilities and authorities to investigate and take action to enforce US rights under trade agreements and respond to certain foreign trade practices.
Who determines the HTS code?
Who Determines HTS Codes? The codes are governed by the WCO and are updated every five years. The WCO has assigned every product and its classification a specific six-digit code. For further classifications, countries are allowed to add longer codes to the first six digits.
