HSN stands for “Harmonized System of Nomenclature.” It is a standardized system used for classifying goods and products that is used internationally for customs purposes. The HSN system was developed by the World Customs Organization (WCO) and is used by more than 200 countries and territories worldwide.
The HSN system is organized into 21 sections, which are further divided into 96 chapters. Each chapter contains a list of goods and products, along with a corresponding code that is used for identification and classification purposes. These codes are used for a variety of purposes, including customs declarations, trade statistics, and trade agreements.
The HSN system is designed to be comprehensive, so that all goods and products can be classified and identified in a consistent and uniform manner. This allows for efficient and accurate customs clearance, as well as the ability to track and monitor trade flows. The HSN system also facilitates the collection of accurate trade statistics, which can be used for economic and trade policy analysis.
In summary, HSN stands for “Harmonized System of Nomenclature.” It is a standardized system used for classifying goods and products that is used internationally for customs purposes. It was developed by the World Customs Organization (WCO) and is used by more than 200 countries and territories worldwide. The HSN system is organized into 21 sections, which are further divided into 96 chapters. Each chapter contains a list of goods and products, along with a corresponding code that is used for identification and classification purposes. This system facilitates efficient customs clearance, tracking of trade flows and accurate trade statistics.