Question

Which institution issues the Harmonised system (HS) nomenclature?

• A. World Bank
• B. World Trade Organisation
• C. World Customs Organization
• D. Reserve Bank of India

Answer 1

Answer:

C. World Customs Organization

World Customs Organization (WCO) has been issuing the Harmonised system of Nomenclature (HSN) codes, to classify and regulate global trade since 1988. It maintains and periodically updates the codes in line with the changing nature of global trade. From January 1, 2022 onwards, the HSN codes that are used to classify the internationally traded items are set to be updated. The latest set of codes (HSN 2022) will be used to capture the trade in several of new fields.