BANKING AFFAIRS

Detailed explanation-1: -Customs duty refers to the tax imposed on goods when they are transported across international borders. In simple terms, it is the tax that is levied on import and export of goods. The government uses this duty to raise its revenues, safeguard domestic industries, and regulate movement of goods.

Detailed explanation-2: -tariff, also called customs duty, tax levied upon goods as they cross national boundaries, usually by the government of the importing country.

Detailed explanation-3: -Definition: Customs Duty is a tax imposed on imports and exports of goods. Description: The rates of customs duties are either specific or on ad valorem basis, that is, it is based on the value of goods.

Detailed explanation-4: -Customs duties are charges levied on goods when they cross international borders. Customs duties are charged by special authorities and bodies created by local governments and are meant to protect local industries, economies, and businesses.

Detailed explanation-5: -Import duty is also known as customs duty, tariff, import tax or import tariff. Import duty is levied when imported goods first enter the country.