HTUS: A Global System of Nomenclature of Goods
Custom ruling is known to be the international best practice for the customs to provide the binding rules especially to the traders in order to facilitate their compliance with the custom requirements.Customs ruling are actually supplied only on request and are entirely based upon the information that is being provided by the applicant. After then, both the importers as well as the exporters produce the ruling in order to accelerate the processing of goods. A customs ruling ensures that the nomenclature of tariff classification is amended and provide certainty to the importer as how goods are classified, thereby facilitating the documentation requirement for clearing goods.
The HTS code stands for the Harmonized Tariff Schedule HTSUS code which is being developed by the World Customs Organizations. The code is basically used to classify as well as define the internationally traded goods. In order to import or export a product internationally, the traded good need to be assigned with the HTS code. The major difference between the HTSUS code as well as the HS code is just the number of digits within the code.A code with the six digits is a universal standard considered as the HS code, while a code with 7-10 digits is unique after the 6th digit and is known as HTS code. These codes play important role in determining the tariff or the duty rate of the traded product. Apart from these, it also helps to keep a record of the international trade statistics that is being used in about 200 countries.However, HTSUS is also referred as the primary resource for determining the tariff classification of goods being imported. Customs and Border Protection is the only agency that legally provides the binding advice or ruling on classification of imports.The Harmonized schedule is based on the international harmonized system, which is the global system of nomenclature used to describe trade in goods.
The HTS code stands for the Harmonized Tariff Schedule HTSUS code which is being developed by the World Customs Organizations. The code is basically used to classify as well as define the internationally traded goods. In order to import or export a product internationally, the traded good need to be assigned with the HTS code. The major difference between the HTSUS code as well as the HS code is just the number of digits within the code.A code with the six digits is a universal standard considered as the HS code, while a code with 7-10 digits is unique after the 6th digit and is known as HTS code. These codes play important role in determining the tariff or the duty rate of the traded product. Apart from these, it also helps to keep a record of the international trade statistics that is being used in about 200 countries.However, HTSUS is also referred as the primary resource for determining the tariff classification of goods being imported. Customs and Border Protection is the only agency that legally provides the binding advice or ruling on classification of imports.The Harmonized schedule is based on the international harmonized system, which is the global system of nomenclature used to describe trade in goods.
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