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Alright so, before getting into the importance of an ITN number, you need to understand what an ITN number is. Let us begin with an example. You, as an individual, to travel to different countries, require the presence of a passport by your side. This passport along with the visa is your allowance to visit the country of your choice. An individual who lacks the presence of it can not be allowed legally to get inside a country. Now, think of yourself as an export transaction. Yes, an export transaction can also not take place without the presence of a “passport”, called an Internal Transaction Number, or ITN. This can be received by your trade after confirming the fact that the Electronic Export Information has been accepted by the Automated Export System. The ITN consists of six random numbers that begin with an X, alongside the year, month, and even the day of acceptance. Wish to have a clear understanding? Get in touch with Clearit.ca ITN number for assistance.
What are the benefits of an ITN number?
- The most basic fact that gets justified by the presence of an ITN number is that it showcases the proof that your agent was able to file the Electronic Export Information or the (EEI) as demanded by the FTR. This should be done with precision, as the filing of incorrect information might lead up to criminal as well as civil penalties, accompanied by a fine of $10,000.
- An Internal Transaction Number (ITN) allows you to ensure the fact that, in a routed export transaction, the information that was filled up on your behalf by some other individual was correct in every sense and requirement. Though it is suggested to not let anyone and everyone file on your behalf through AEL, you should at least be monitoring their work and transactions made.
- The importance of the Internal Transaction Number (ITN) can be understood when trying to ship your items. Certain documents require the presence of the ITN, without which the shipment can be taken in and kept in confinement by the customs, which in itself can lend you a larger number of additional steps to free tour items.
Conclusion
There have always been a few official aspects of things that should not be ignored under any circumstances, and the acquiring of the ITN is one such feature.