What you should know About Harmonized Tariff in U.S.?
If you are looking for information related to the harmonized tariffs schedule for the United States, you may have searched at various blogs & portals online. Yet, you hadn’t found much of the stuff you require to simply understand about the basic details of this system. If that’s your case, you will certainly be helped by the complete information given in the following section.
• Harmonized Tariff System codes are not limited to the United States. Instead, it’s global code system which is maintained by World Customs Organization & has over 170 nations who have participated in it. The code has basic six digits which are common for each & every country for global trade. The next four digits are related to particular details of trade in specific countries. For instance, these four digits of harmonized tariff in U.S. represents duty rate & other trade related suffix.
• If you are importing goods from other countries, the responsibility is all yours to get the correct HTS classifications & information about your products. If you don’t know about such details for harmonized tariffs schedule for the United States, there can be issues related to the payment of duties made. You may be giving less or more with the incorrect information you have. And this may even cause penalties if faults are detected by authorities.
• Involving intermediaries to know about the correct HTS classification of your products can be harmful as they only use hit & trial method, not a professional approach to deal with such things. You, as an importer will be held responsible for any sort of incorrect information about the imported goods & may suffer penalties as determined by the custom expert for harmonized tariff in U.S.
• Even you have found that you are using wrong HTS codes for your products, you can even fix these problems to avoid fines. For that, you have to file a PEA – Post Entry Amendment to request for returning the amount which you may have been paying.
• HTS codes keeps on changing to add new products & services. In U.S, an expiry date is created along with the HTS code for updating needs.
• Harmonized Tariff System codes are not limited to the United States. Instead, it’s global code system which is maintained by World Customs Organization & has over 170 nations who have participated in it. The code has basic six digits which are common for each & every country for global trade. The next four digits are related to particular details of trade in specific countries. For instance, these four digits of harmonized tariff in U.S. represents duty rate & other trade related suffix.
• If you are importing goods from other countries, the responsibility is all yours to get the correct HTS classifications & information about your products. If you don’t know about such details for harmonized tariffs schedule for the United States, there can be issues related to the payment of duties made. You may be giving less or more with the incorrect information you have. And this may even cause penalties if faults are detected by authorities.
• Involving intermediaries to know about the correct HTS classification of your products can be harmful as they only use hit & trial method, not a professional approach to deal with such things. You, as an importer will be held responsible for any sort of incorrect information about the imported goods & may suffer penalties as determined by the custom expert for harmonized tariff in U.S.
• Even you have found that you are using wrong HTS codes for your products, you can even fix these problems to avoid fines. For that, you have to file a PEA – Post Entry Amendment to request for returning the amount which you may have been paying.
• HTS codes keeps on changing to add new products & services. In U.S, an expiry date is created along with the HTS code for updating needs.
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