The Harmonized System of Nomenclature (HSN) is a standardized system of classification for goods that is used internationally. It is a six-digit code that is assigned to each product or commodity. The HSN code helps in the classification of goods for taxation and customs purposes.
Bearings are an essential part of machinery and equipment used in various industries. They help reduce friction and facilitate smooth movement of machine parts. In this blog, we will discuss the HSN code of bearings in detail.
HSN Code for Bearings
The HSN code for bearings is 8482. This code falls under the category of “Machinery Parts” and covers all types of bearings, including ball bearings, roller bearings, and other types of bearings.
Understanding the HSN Code for Bearings
The HSN code for bearings is divided into two parts: the first two digits represent the chapter, and the next four digits represent the heading and sub-heading.
Chapter 84: Machinery and Mechanical Appliances; Electrical Equipment; Parts Thereof; Sound Recorders and Reproducers, Television Image and Sound Recorders and Reproducers, and Parts and Accessories of Such Articles.
The first two digits of the HSN code, i.e., 84, represent the chapter for Machinery and Mechanical Appliances. This chapter includes machinery and equipment used in various industries, including agriculture, construction, and manufacturing.
8482: Ball or Roller Bearings and Parts
The next four digits, i.e., 8482, represent the heading and sub-heading for ball or roller bearings and their parts. This heading covers all types of bearings, including ball bearings, roller bearings, and other types of bearings. It also includes parts of bearings such as balls, rollers, cages, and races.
Benefits of HSN Code for Bearings
The HSN code for bearings is essential for businesses involved in the manufacturing, import, and export of bearings. It helps in the following ways:
- Classification: The HSN code for bearings helps in the proper classification of bearings for taxation and customs purposes.
- Trade: The code makes it easier for businesses to trade in bearings internationally.
- Transparency: The HSN code brings transparency to the taxation and customs process, ensuring fair trade practices.
Conclusion
The HSN code for bearings is an important aspect of the global trade of bearings. It helps businesses in the proper classification of bearings and facilitates smooth international trade. It is important for businesses involved in the manufacturing, import, and export of bearings to have a clear understanding of the HSN code to ensure compliance with international trade laws and regulations.
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Frequently Asked Questions (FAQs)
Q. What is an HSN code for bearings?
A: The HSN code for bearings is a six-digit code assigned to bearings for the purpose of classification and taxation.
Q. What does the HSN code 8482 represent?
A: The HSN code 8482 represents the heading and sub-heading for ball or roller bearings and their parts.
Q. What types of bearings are covered under the HSN code 8482?
A: The HSN code 8482 covers all types of bearings, including ball bearings, roller bearings, and other types of bearings.
Q. Does the HSN code for bearings include parts of bearings?
A: Yes, the HSN code 8482 includes parts of bearings such as balls, rollers, cages, and races.
Q. Why is it important to use the correct HSN code for bearings?
A: Using the correct HSN code for bearings is important for proper classification and taxation purposes. It also facilitates smooth international trade and ensures compliance with international trade laws and regulations.
Q. Who assigns the HSN code for bearings?
A: The HSN code for bearings is assigned by the World Customs Organization (WCO).
Q. Is the HSN code for bearings the same across all countries?
A: No, the HSN code for bearings may differ slightly across different countries, but it is generally based on the WCO’s Harmonized System.
Q. How can I find the HSN code for bearings?
A: The HSN code for bearings can be found in the relevant government publications, such as the Customs Tariff or the Harmonized System Nomenclature. It can also be searched online on various government websites.
