Multiple Choice Questions on With reference to the Harmonised System of Nomenclature HSN code consider the following statements T........... for CDS Exam Preparation

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Multiple Choice Questions

With reference to the Harmonised System of Nomenclature HSN code consider the following statements T...........

Indian Economy (CDS) External Sector
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    With reference to the Harmonised System of Nomenclature (HSN) code, consider the following statements

    1. The HSN code is a system used to classify and categorize services offered by businesses in various industries.

    2. Each HSN code represents a specific product or commodity.

    3. In India, the HSN code is also used for the Goods and Services Tax (GST) system to classify goods for taxation purposes.

    Select the correct statement.

    1&2 only

    Incorrect Answer

    2&3 only

    Correct Answer

    1&3 only

    Incorrect Answer

    All of the above

    Incorrect Answer
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    Explanation:

    Only statements 2&3 are correct.

    • HSN code is an internationally recognized system used to classify and categorize traded goods. It was developed by the World Customs Organization (WCO) to create a unified system for the classification of products in international trade. 

    • Each HSN code represents a specific product or commodity. In India, the HSN code is also used for the Goods and Services Tax (GST) system to classify goods for taxation purposes.

    Hence option 2nd is correct.

    By: Shubham Tiwari
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