The world of international trade is governed by a complex system of codes and classifications, and the Harmonized System (HSN) code stands out as a cornerstone of this system. HSN codes are unique identifiers assigned to goods traded internationally, facilitating efficient customs clearance and tax administration. Among the various HSN codes, HSN code 406 occupies a prominent position as a key classification for a specific group of products.
HSN code 406 encompasses a wide range of dairy produce, birds' eggs, natural honey, and edible products of animal origin not elsewhere specified or included. This code encompasses a diverse array of products, including:
Cheese and curd
Butter and other fats and oils derived from milk
Dairy spreads
Birds' eggs, in shell, fresh, chilled or frozen
Birds' eggs, dried
Natural honey
Edible products of animal origin, not elsewhere specified or included
HSN code 406 plays a crucial role in international trade, serving several essential purposes:
It facilitates the accurate classification and identification of goods traded internationally, ensuring consistent application of customs tariffs and regulations.
It enables the compilation of comprehensive trade statistics, providing valuable insights into global trade patterns and trends.
It aids tax authorities in efficient tax assessment and collection, ensuring fair and equitable taxation of imported goods.
The HSN taxation rate table provides a structured representation of the tax rates applicable to goods classified under HSN code 406.
HSN code 406 plays a vital role in international trade, facilitating efficient customs clearance, statistical analysis, and tax administration. Understanding the significance of this code and its proper application in HSN tax tables is essential for businesses involved in international trade of dairy products, birds' eggs, natural honey, and other animal-derived edible products.
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