BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is the reason owing to which Government charges export duty on some export items?
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To get benefit from high international prices
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To improve the tax collection targets
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It is as per the international practices.
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To ensure the smooth availability of the items in India
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Explanation:
Detailed explanation-1: -As per a finance ministry notification, exports of specified pig iron and steel products as well as iron ore pellets will attract ‘nil’ export duty.
Detailed explanation-2: -In international trade: Tariffs. Similarly, an export duty, or export tax, is a tax imposed on commodities leaving a customs area. Finally, some countries provide export subsidies; import subsidies are rarely used.
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