Under the GST regime, the Harmonized System of Nomenclature ( HSN ) code serves as a unique identifier for over 5,000 commodity groups, efficiently categorizing goods in a systematic manner. For example, the HSN code for cast iron pipes is 7303.0010. This code can be broken down as follows: HSN stands Harmonized System of Nomenclature . It is a multipurpose international product nomenclature. Each item that is traded globally is assigned a code. More than 200 countries and economies use the HSN code, which is a widely acknowledged system for categorising products worldwide. The HSN code full form is the Harmonised System of Nomenclature code . It plays a crucial role in international trade and taxation. Developed by the World Customs Organisation (WCO), this standardised system is used to classify goods and streamline trade practices globally. The HSN code’s full form is ‘ Harmonized System of Nomenclature ’. This system is employed across the world to identify traded commodities. It was developed by the World Customs Organization (WCO) and put into effect in 1988 as a convenient way to classify goods systematically.
