From UPSC perspective, the following things are important :
Prelims level : HSN Code
Mains level : India's Import regulation
No imports will be allowed without HSN code into the country clarified the Union Minister of Commerce & Industry.
What is HSN Code?
- HSN code stands for “Harmonized System of Nomenclature”.
- This system has been introduced for the systematic classification of goods all over the world.
- HSN code is a 6-digit uniform code that classifies 5000+ products and is accepted worldwide.
- It was developed by the World Customs Organization (WCO) and it came into effect from 1988.
- The main purpose of HSN is to classify goods from all over the World in a systematic and logical manner. This brings in a uniform classification of goods and facilitates international trade.