ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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import
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export
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distribution
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production
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Detailed explanation-1: -An import is a product or service produced abroad and purchased in your home country. Imported goods or services are attractive when domestic industries cannot produce similar goods and services cheaply or efficiently.
Detailed explanation-2: -Imports of goods (P71) consist of transactions in goods (purchases, barter, and gifts) from non-residents to residents. Imports of goods occur when economic ownership of goods changes between residents and non-residents. This applies irrespective of corresponding physical movements of goods across frontiers.
Detailed explanation-3: -Goods & Services Tax (GST) is levied on all imported goods, with the tax rate being 10% of the value of the goods. In addition, there is the Integrated GST or IGST which is applied to the value of the imported goods plus all applicable customs duties.
Detailed explanation-4: -Import Procedure: The steps taken in import procedure are discussed as follows: (i) Trade Enquiry: (ii) Procurement of Import Licence and Quota: For the purpose of issuing licence, the importers are divided into three categories: (iii) Obtaining Foreign Exchange: More items
Detailed explanation-5: -Obtain Import-Export Code (IEC): Ensure the legal compliance under different trade laws: Procure Import Licenses. File Bill of Entry and other documents to complete customs clearing formalities: Determine import duty for the clearance of goods: 19-May-2022