Is your supplier charging you correct taxes and duties for your digital displays? Why should you care?

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Is your supplier charging you correct taxes and duties for your digital displays? Why should you care?

The taxes and duties that you pay depend on the HSN code of the product. First and foremost, let’s understand what an HSN code is? It is a classification system for commodities used worldwide to bring a standardization for customs and other duties. An HSN code comprises of a category code, that decides which product/commodity falls under which category and the respective duties applicable.

Many times, importers misclassify products conducting a fraud to save certain taxes and duties. What most customers don’t know is that misclassification of the HSN code is a punishable offense and can bear a great impact on them.

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