ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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tariffs
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quotas
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profit
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opportunity cost
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Detailed explanation-1: -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-2: -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-3: -These include specific tariffs, ad valorem tariffs, compound tariffs, tariff-rate quotas, and retaliatory tariffs. A specific tariff is a tax imposed directly onto one imported good and does not depend on the value of that imported good.
Detailed explanation-4: -Tax on imports is an example of Trade Barrier.