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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.
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 Global Trade Item Number (GTIN) is an identifier for trade items, developed by the international organization GS1. [1] Such identifiers are used to look up product information in a database (often by entering the number through a barcode scanner pointed at an actual product) which may belong to a retailer, manufacturer, collector, researcher, or other entity.
In April, 2008, the EC submitted a report, titled "A Model and Road map for Goods and Services Tax (GST) in India" containing broad recommendations about the structure and design of GST. In response to the report, the Department of Revenue made some suggestions to be incorporated in the design and structure of proposed GST bill.
The new Bill will repeal the existing Bureau of Indian Standards Act, 1986. The main objectives of the legislation are: To establish the Bureau of Indian standards (BIS) as the National Standards Body of India. The Bureau to perform its functions through a governing council, which will consist of President and other members.
A merchant category code (MCC) is a four-digit number used for retail financial services to classify a business by the types of goods or services it provides. Codes are specified by the ISO 18245 standard.
In 1974, the Uniform Code Council (UCC) was founded to administer the standard. [1] On 26 June 1974, a pack of Wrigley's chewing gum became the first ever product with a barcode to be scanned in a shop. [1] [3] In 1976, the original 12-digit code was expanded to 13 digits, which allowed the identification system to be used outside the U.S.
The United Nations Standard Products and Services Code (UNSPSC) is a taxonomy of products and services for use in eCommerce. It is a four-level hierarchy coded as an eight-digit number, with an optional fifth level adding two more digits. The latest release (August 14, 2023) of the code set is 26.0801. [1]