Trade Sector Updates – Falling Exports, TIES, MEIS, Foreign Trade Policy, etc.

HSN Code

Note4Students

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.
Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments