India has deferred imposing higher duties worth uline{1cm} on 29 American goods to January 31, 2019.

2018

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

India has deferred imposing higher duties worth _________ on 29 American goods to January 31, 2019.

A	$125 million
B	$350 million
C	$265 million
D	$235 million

Explanation:

Detailed explanation-1: -Types of custom duty in India It can be from 0% to 100%. Basic Customs Duty is assessed on all goods imported into India. The actual fee paid will depend on where goods are coming from, what they are, and what they’re made of. Some goods such as life saving medicines may be exempt - and therefore receive a 0% BCD rate.

Detailed explanation-2: -According to the World Trade Organization’s (WTO) Tariff Profile for 2021, India has one of the highest average tariffs of 15% in the Asia-Pacific region.

Detailed explanation-3: -Why are imports taxed heavily? Tax on imports in India are high because of India’s policy of encouraging local/homegrown industries. This is called import substitution industrialisation (ISI), a trade policy that is all about substituting imports with domestic manufacturing and production.

Detailed explanation-4: -The most common is an ad valorem tariff, which means that the customs duty is calculated as a percentage of the value of the product.

There is 1 question to complete.