In the intricate world of international trade, the Harmonized System (HS) Code plays a pivotal role in classifying and identifying goods for customs purposes. Among the plethora of HS Codes, HSN Code 404 stands out as a significant category encompassing a wide range of dairy products.
HSN Code 404 encompasses a diverse array of dairy products, ranging from milk and cream to whey and buttermilk. Let's explore some of the key products included:
Whey, a byproduct of cheesemaking, finds its place under HSN Code 404. Whey powder, whey concentrate, and whey isolate are all classified within this code.
Buttermilk, a byproduct of butter production, is also included under HSN Code 404. Curds, partially coagulated milk, are another product categorized under this code.
HSN Code 404 extends its coverage to a variety of other dairy products, including natural honey, edible birds' eggs, and casein.
The tax rate applicable to products under HSN Code 404 varies depending on the specific product and the country of import or export. In general, the HSN tax rate for dairy products falls within the range of 5% to 18%. For instance, in India, the GST rate for whey is 18%.
HSN Code 404 plays a crucial role in international trade by facilitating efficient customs clearance and ensuring accurate tax assessment. By providing a standardized classification system, HSN Code 404 streamlines the process of identifying and classifying dairy products, thereby reducing administrative burdens and promoting trade transparency.
HSN Code 404 stands as a cornerstone of international trade, ensuring seamless classification and taxation of dairy products. By understanding the products covered under this code and the HSN tax implications involved, businesses can navigate the intricacies of international trade with greater confidence and efficiency.