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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...
Explanation:
The correct answer is option 'B', which means statements 2 and 3 are correct.
Statement 1: It is a multipurpose international product nomenclature developed by the World Trade Organization (WTO).
The first statement is incorrect. The Harmonised System of Nomenclature (HSN) code is not developed by the World Trade Organization (WTO). It is actually developed and maintained by the World Customs Organization (WCO). The HSN code is a six-digit code that is used to classify goods for customs and trade purposes.
Statement 2: It was developed with the vision of facilitating the classification of goods all over the World in a systematic manner.
The second statement is correct. The HSN code was developed with the vision of facilitating the classification of goods in a systematic manner across the world. It provides a standardized and internationally recognized system for classifying products. This helps in simplifying trade procedures, promoting transparency, and ensuring consistency in the classification of goods.
Statement 3: In India, HSN codes apply to Customs and GST.
The third statement is correct. In India, the HSN codes are used for both customs and Goods and Services Tax (GST) purposes. The HSN code is used to determine the rate of GST applicable to a particular product or service. It helps in streamlining the tax administration and enables better compliance with tax regulations.
In conclusion, the correct statements regarding the Harmonised System of Nomenclature (HSN) code are statement 2 (It was developed with the vision of facilitating the classification of goods all over the World in a systematic manner) and statement 3 (In India, HSN codes apply to Customs and GST).
The correct answer is option 'B', which means statements 2 and 3 are correct.
Statement 1: It is a multipurpose international product nomenclature developed by the World Trade Organization (WTO).
The first statement is incorrect. The Harmonised System of Nomenclature (HSN) code is not developed by the World Trade Organization (WTO). It is actually developed and maintained by the World Customs Organization (WCO). The HSN code is a six-digit code that is used to classify goods for customs and trade purposes.
Statement 2: It was developed with the vision of facilitating the classification of goods all over the World in a systematic manner.
The second statement is correct. The HSN code was developed with the vision of facilitating the classification of goods in a systematic manner across the world. It provides a standardized and internationally recognized system for classifying products. This helps in simplifying trade procedures, promoting transparency, and ensuring consistency in the classification of goods.
Statement 3: In India, HSN codes apply to Customs and GST.
The third statement is correct. In India, the HSN codes are used for both customs and Goods and Services Tax (GST) purposes. The HSN code is used to determine the rate of GST applicable to a particular product or service. It helps in streamlining the tax administration and enables better compliance with tax regulations.
In conclusion, the correct statements regarding the Harmonised System of Nomenclature (HSN) code are statement 2 (It was developed with the vision of facilitating the classification of goods all over the World in a systematic manner) and statement 3 (In India, HSN codes apply to Customs and GST).
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Consider the following statements regarding Harmonised System of Nomen...
Statement 1 is correct.
- HSN stands for Harmonised System of Nomenclature code.
- 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 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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