Import Export Business

With exports to Africa reaching a record high of US$37.9 billion in 2021, India is now the second-largest importer into the continent. Piyush Goyal, the minister of trade and industry, expressed confidence on Sunday that the country would meet its target of exporting 2 trillion USD worth of goods and services by 2030. Further, the minister was reaching at the Chennai-based Exporters Conclave. Let’s explore the notification in detail. India should take advantage of emerging markets- Piyush Goyal Piyush Goyal, the minister of commerce and industry, stated on Sunday that the nation will reach its $2 trillion export goal for products and services by 2030. Speaking at the Exporters Conclave in Chennai, Goyal predicted that by 2047, India's economy will grow to $30 trillion with a 25% share of exports. Goyal emphasised the need of maintaining the export momentum and expressed confidence that Indian exports will be able to weather the global challenges and will outpace export growth by a ...

The Harmonized Commodity Description and Coding System, which is an international standard, is the foundation of the HSN codes , which classifies products. Although this system includes many different goods and services and gives each one a standard code, it must be changed every five years due to the development of new goods and services. All 200 members of the international community have been impacted since the latest update, which happened in late 2021. The Harmonized System (HS) is governed by ‘The International Convention on the Harmonized Commodity Description and Coding System’. In this article, we will discuss the effect of HS Codes changes in 2022 on Indian businesses. Understand about HS Codes The World Customs Organization created the Harmonized Commodity Description and Coding System, sometimes known as "Harmonized System" or just "HS," which is a multipurpose worldwide product nomenclature (WCO). It includes about 5,000 commodity groups; each identifi...