Recently The Central Government has notified the Harmonised System of Nomenclature codes for 207 specific technical textile products.
- According to the Apparel Export Promotion Council, with this notification focused strategies can be evolved to promote export of these goods.
About Harmonised System of Nomenclature codes
- The Harmonized Commodity Description and Coding System generally referred to as “Harmonized System” or simply “HS” is a multipurpose international product nomenclature developed by the World Customs Organization (WCO).
- It comprises about 5,000 commodity groups; each identified by a six digit code, arranged in a legal and logical structure and is supported by well-defined rules to achieve uniform classification.
- The system is used by more than 200 countries and economies as a basis for their Customs tariffs and for the collection of international trade statistics. Over 98 % of the merchandise in international trade is classified in terms of the HS.
- The Indian Government has also decided to adopt the use of HSN code for classification of goods under GST and levy of GST.