World Customs Organization (WCO) Current Affairs, GK & News

HSN Code: New rules

The Ministry of Finance recently announced that the businesses with annual turn over of more than Rs 5 crores will have to furnish six-digit HSN code on their tax invoices. The businesses with an annual turn over of less than five crores of rupees have to furnish four-digit HSN code. Previously, the requirement was four ..

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What is HSN Code?

The Central Board of Indirect Taxes and Customs (CBIC) has made it mandatory to mention the 8 digit HSN code in tax invoices for 49 chemical-based products while issuing GST invoice. The move is expected to reduce tax evasion. HSN or Harmonized System of Nomenclature code is a system for classification of goods across the ..

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India hosts World Customs Organization RCP meeting of Asia Pacific

India hosted the World Customs Organization (WCO) Asia Pacific Regional Contact Points (RCP) that was held for 3 three days on Puducherry. The conference is being held for the fourth time in India. Previously it was held in Jaipur and Cochin. Highlights International Organizations like UNCTAD, Global Alliance on Trade Facilitation (GATF) participated in the ..

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World Customs Organization recognised HS Code for India’s Signature Fabrics-A Boost for Khadi Exports

The Ministry of Commerce and Industry has allocated separate HS code for signature fabric of India. HS stands for Harmonized System and was developed by the World Customs Organization (WCO). The code is used by customs officers to clear commodities entering or crossing international border. HS Code It is a multi purpose International Nomenclature that ..

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India to conduct 1st National Time Release Study for faster movement of Cargo

Department of Revenue, under Union Ministry of Finance, is conducting India’s 1st National Time Release Study (TRS) for enabling faster movement of cargo across borders to benefit traders. TRS is an internationally recognized tool advocated by Brussels based World Customs Organization (WCO) to measure efficiency and effectiveness of international trade flows. National Time Release Study ..

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