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Consider the following statements regarding Harmonised System of Nomenclature (HSN) code.
- It is a multipurpose international product nomenclature developed by the World Trade Organization (WTO).
- It was developed with the vision of facilitating the classification of goods all over the World in a systematic manner.
- In India, HSN codes apply to Customs and GST.
Which of the above statements is/are correct?
- a)1, 2
- b)2, 3
- c)1, 3
- d)1, 2, 3
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding Harmonised System of Nomen...
- HSN stands for Harmonised System of Nomenclature code. It is mandatory for both B2B and B2C tax invoices on the supplies of Goods and Services.
- This was introduced in 1988 by the World Customs Organization (WCO). This was introduced for a systematic classification of goods both national and international. This is a 6-digit code that classifies various products. India has been using HSN codes since 1986 to classify commodities for Customs and Central Excise.
- HSN codes apply to Customs and GST. The codes prescribed in the Customs tariff are used for the GST purposes too. HSN is used all over the world. There are different HSN codes for various commodities.
- HSN codes remove the need to upload details about the goods which makes filing of GST returns easier.
- HSN code is required for anything from animal products, mineral products, plastic articles to footwear, arms and ammunition and machinery.
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Consider the following statements regarding Harmonised System of Nomen...
Explanation:
The Harmonised System of Nomenclature (HSN) code is a multipurpose international product nomenclature developed by the World Customs Organization (WCO), not the World Trade Organization (WTO). It was developed with the vision of facilitating the classification of goods all over the world in a systematic manner. In India, HSN codes apply to Customs and GST.
Statement 1: It is a multipurpose international product nomenclature developed by the World Trade Organization (WTO).
This statement is incorrect. The HSN code is not developed by the World Trade Organization (WTO), but by the World Customs Organization (WCO). The WCO is an intergovernmental organization that deals with customs matters and facilitates international trade.
Statement 2: It was developed with the vision of facilitating the classification of goods all over the world in a systematic manner.
This statement is correct. The HSN code was developed with the vision of creating a standardized system for classifying goods internationally. It provides a systematic and uniform method for the identification and classification of products, which helps in facilitating international trade and customs procedures.
Statement 3: In India, HSN codes apply to Customs and GST.
This statement is correct. In India, HSN codes are used for both Customs and Goods and Services Tax (GST) purposes. HSN codes are used to classify goods for customs clearance, import-export documentation, and determining the rate of GST applicable to a particular product.
Therefore, the correct statements are:
- Statement 2: It was developed with the vision of facilitating the classification of goods all over the world in a systematic manner.
- Statement 3: In India, HSN codes apply to Customs and GST.
Hence, the correct option is B) 2, 3.
The Harmonised System of Nomenclature (HSN) code is a multipurpose international product nomenclature developed by the World Customs Organization (WCO), not the World Trade Organization (WTO). It was developed with the vision of facilitating the classification of goods all over the world in a systematic manner. In India, HSN codes apply to Customs and GST.
Statement 1: It is a multipurpose international product nomenclature developed by the World Trade Organization (WTO).
This statement is incorrect. The HSN code is not developed by the World Trade Organization (WTO), but by the World Customs Organization (WCO). The WCO is an intergovernmental organization that deals with customs matters and facilitates international trade.
Statement 2: It was developed with the vision of facilitating the classification of goods all over the world in a systematic manner.
This statement is correct. The HSN code was developed with the vision of creating a standardized system for classifying goods internationally. It provides a systematic and uniform method for the identification and classification of products, which helps in facilitating international trade and customs procedures.
Statement 3: In India, HSN codes apply to Customs and GST.
This statement is correct. In India, HSN codes are used for both Customs and Goods and Services Tax (GST) purposes. HSN codes are used to classify goods for customs clearance, import-export documentation, and determining the rate of GST applicable to a particular product.
Therefore, the correct statements are:
- Statement 2: It was developed with the vision of facilitating the classification of goods all over the world in a systematic manner.
- Statement 3: In India, HSN codes apply to Customs and GST.
Hence, the correct option is B) 2, 3.
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Consider the following statements regarding Harmonised System of Nomenclature (HSN) code. It is a multipurpose international product nomenclature developed by the World Trade Organization (WTO). It was developed with the vision of facilitating the classification of goods all over the World in a systematic manner. In India, HSN codes apply to Customs and GST.Which of the above statements is/are correct?a)1, 2b)2, 3c)1, 3d)1, 2, 3Correct answer is option 'B'. Can you explain this answer?
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Consider the following statements regarding Harmonised System of Nomenclature (HSN) code. It is a multipurpose international product nomenclature developed by the World Trade Organization (WTO). It was developed with the vision of facilitating the classification of goods all over the World in a systematic manner. In India, HSN codes apply to Customs and GST.Which of the above statements is/are correct?a)1, 2b)2, 3c)1, 3d)1, 2, 3Correct answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding Harmonised System of Nomenclature (HSN) code. It is a multipurpose international product nomenclature developed by the World Trade Organization (WTO). It was developed with the vision of facilitating the classification of goods all over the World in a systematic manner. In India, HSN codes apply to Customs and GST.Which of the above statements is/are correct?a)1, 2b)2, 3c)1, 3d)1, 2, 3Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Harmonised System of Nomenclature (HSN) code. It is a multipurpose international product nomenclature developed by the World Trade Organization (WTO). It was developed with the vision of facilitating the classification of goods all over the World in a systematic manner. In India, HSN codes apply to Customs and GST.Which of the above statements is/are correct?a)1, 2b)2, 3c)1, 3d)1, 2, 3Correct answer is option 'B'. Can you explain this answer?.
Consider the following statements regarding Harmonised System of Nomenclature (HSN) code. It is a multipurpose international product nomenclature developed by the World Trade Organization (WTO). It was developed with the vision of facilitating the classification of goods all over the World in a systematic manner. In India, HSN codes apply to Customs and GST.Which of the above statements is/are correct?a)1, 2b)2, 3c)1, 3d)1, 2, 3Correct answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding Harmonised System of Nomenclature (HSN) code. It is a multipurpose international product nomenclature developed by the World Trade Organization (WTO). It was developed with the vision of facilitating the classification of goods all over the World in a systematic manner. In India, HSN codes apply to Customs and GST.Which of the above statements is/are correct?a)1, 2b)2, 3c)1, 3d)1, 2, 3Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Harmonised System of Nomenclature (HSN) code. It is a multipurpose international product nomenclature developed by the World Trade Organization (WTO). It was developed with the vision of facilitating the classification of goods all over the World in a systematic manner. In India, HSN codes apply to Customs and GST.Which of the above statements is/are correct?a)1, 2b)2, 3c)1, 3d)1, 2, 3Correct answer is option 'B'. Can you explain this answer?.
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