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The purpose of HSN codes is to make GST systematic and globally accepted. The Harmonized system of Nomenclature (HSN) code is used for classifying goods under the Goods and Services Tax (GST) in India. The HSN code is a six-digit code that uniquely identifies a product.
The process of assigning HS codes is known as "HS Classification". All products can be classified in the HS by using the General Rules for the Interpretation of the Harmonized System ("GRI") that must be applied in strict order. HS codes can be determined by a variety of factors including a product's composition, its form and its function.
Statements which correspond to related hazards are grouped together by code number, so the numbering is not consecutive. The code is used for reference purposes, for example to help with translations, but it is the actual phrase which should appear on labels and safety data sheets. [4]
Code Country 001–019: UPC-A compatible - United States: 020–029: UPC-A compatible - Used to issue restricted circulation numbers within a geographic region [1] 030–039: UPC-A compatible - United States drugs (see United States National Drug Code) 040–049: UPC-A compatible - Used to issue restricted circulation numbers within a company ...
These safety phrases were used internationally and not just in Europe, and there is an ongoing effort towards complete international harmonization. This harmonization would be carried out by the United Nations 's Globally Harmonized System of Classification and Labelling of Chemicals , that replaced Directive 67/548/EEC under CLP Regulation .
The tariff schedule has 99 chapters under 22 sections, and various appendices for chemicals, pharmaceuticals, and intermediate chemicals for dye.Raw materials or basic substances generally appear in the early chapters and in earlier headings within a chapter, whereas highly processed goods and manufactured articles appear in later chapters and headings.
Risk and Safety Statements, also known as R/S statements, R/S numbers, R/S phrases, and R/S sentences, is a system of hazard codes and phrases for labeling dangerous chemicals and compounds. The R/S statement of a compound consists of a risk part (R) and a safety part (S), each followed by a combination of numbers. Each number corresponds to a ...
Due to the cost of safety stock, many organizations opt for a service level-led safety stock calculation; for example, a 95% service level could result in stockouts, but is at a level that is acceptable to the company. The lower the service level, the lower the requirement for safety stock.