HSN Code

WHY IN NEWS?

India will not allow imports without HSN code. This will enable India’s exports to be accepted globally due to the quality of goods and services.

ABOUT 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.

Prelims Question

Q. HSN code which was recently in news is released by which organisation?
a)World Health Organisation
b)World Trade Organisation
c)World Customs Organisation
d)Food and Agricultural Organisation

Answer to the Prelims Question