HS 2022- How the change may affect trade, GST and its impact on the upcoming budget

The Harmonized System (HS) is governed by ‘The International Convention on the Harmonized Commodity Description and Coding System’. Harmonised System of Nomenclature (HSN) was introduced in 1988 by the World Customs Organization ( WCO ), representing a 6-digit code for systematic classification of goods comprising 1,241 headings divided among 96 Chapters, arranged in 21 Sections.  HSN  i…