- Statement 1: The Harmonised System of Nomenclature (HSN) is a multipurpose international product nomenclature developed and maintained by the World Customs Organization (WCO), not the World Trade Organization (WTO). The WCO is an intergovernmental organization focused on customs matters. - Statement 2: The primary vision and objective of the HSN is to provide a standardized basis for classifying goods traded internationally in a systematic manner, facilitating customs procedures, trade statistics, and negotiations. - Statement 3: In India, the HSN code system is used for classifying goods for both Customs purposes (import and export duties) and for Goods and Services Tax (GST) purposes, to identify products for taxation.
Consider the following statements regarding Harmonised System of Nomenclature (HSN) Code. 1. It is a multipurpose international product nomenclature developed by the World Trade Organization (WTO). 2. It was developed with the vision of facilitating the classification of goods all over the world in a systematic manner. 3. In India, HSN codes apply to Customs and GST. Which of the above statements are correct?
Asked in GPSC Prelims CSP 2 2024 · Topic: Fiscal Policy & Revenue (Taxation System in India: Direct, Indirect taxes, and Tax Reforms (including GST))
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