Like all other countries, Bangladesh also has to trade and take part in import and export to sustain the supply and demand of goods throughout the country. It not only replenishes the supply chain but also adds to the economy. Through the use of the HS Code BD keeps track of the goods, it is importing and exporting. They can also monitor the custom duties.
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HS Code Meaning
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. As there are a large number of goods that are traded among the countries, there needs to be a standard way of marking them. Otherwise, it can create huge confusion and slow down the trading process.
The marking system needs to be standardized too. As all the other countries around the world would be taking part in the trade. It helps us a common way of tracking the objects. In terms of export and import, there is a customs duty that needs to be paid. The HS code helps to identify the product easily and thus helps with the speedy and accurate calculator of custom fees.
HS Code BD 2024
Like all the other countries in the world, Bangladesh also follows the harmonized system code (HS code). HS code Bangladesh is also standardized like all the other countries. A government official can look at the HS code once and can tell by the code what product the respective product is. Then the official can move on to the process of calculating the custom duties for the goods.
Bangladesh Customs HS Code List
We have also arranged the Bangladesh customs hs code list for you. If you want to collect the list, you have to click on the link here.
HS Code Bangladesh 2023-24 PDF
If you are looking for HS code Bangladesh 2023-24 PDF, we recommend you to click on the link mentioned here. We have provided that for your help.
Customs Tariff-2020-2021(13-07-2020) PDF
Importance of HS Code
Before importing or shipping the items, the most important task for the shippers is to assign an HS code to the goods. A lot of importers ship their goods without knowing the HS code of the goods. It is not a good business practice to ship products without an HS code BD.
It can cause serious problems and could potentially cost a lot both for the importer and the exporter. It can also damage one’s business reputation. Here are some issues that might occur if a proper HS code is not assigned to the goods.
- Effect on the Duty Rates: Duty fees are closely tied to the HS code. Not assigning an HS code is a major commercial mistake. Understanding HS codes and the duty tariffs is a very critical step in shipping products. Antidumping and countervailing duties are also closely tied to HS codes.
- Importer Security Filing: Providing HS Code with the purchase is one of the most effective ways to comply with the Importer Security Filing requirements.
- Risks of Delays: the shipment might get delayed if the customs officials are not able to properly identify the product due to a wrong or no HS code. If this happens then the shippers may face an extra charge for storage and potentially risk company image.
- Regulatory Risk: Assigning HS code on the go is a very bad practice and might result in lower accuracy. Shippers risk regulatory intervention.
Bangladesh Customs Tariff 2024 PDF
You might be thinking about looking up all the HS code Bangladesh and custom tariffs of Bangladesh. Well, you can easily find out about this by visiting the following link.
Bangladesh Customs Tariff 2023-2024 (26-05-2021)
Duty Calculator Bangladesh
One can calculate the exact amount of duty fees with the help of HS codes. You can use the official government duty calculator to calculate the Duty fees. You can use the calculator here.
All you have to do is put the HS code and the Description of the goods and let the duty calculator do its job.
Conclusion
Providing the right HS code is a part of shipping that is to be taken very seriously. It can lead to major blunders in the shipping as we discussed earlier. You can use the HS codes Bangladesh to calculate the proper duty fees too.