ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The rate is 10% of the value of goods. GST is applicable on all imports into India in the form of levy of IGST. IGST is levied on the value of imported goods + any customs duty chargeable on the goods. GST Compensation Cess is a levy which will be applicable in addition to the regular GST taxes.

Detailed explanation-2: -Tariffs are direct taxes, whereas duties are indirect taxes. In contrast, the incidence of such taxes is passed on to the end consumer of goods or services by adding such taxes to the value of those goods or services, like Excise duty, Service tax, VAT, etc.

Detailed explanation-3: -What Is a Tariff? Tariffs are taxes imposed by one country on goods or services imported from another country. Tariffs are trade barriers that raise prices and reduce available quantities of goods and services for U.S. businesses and consumers.

Detailed explanation-4: -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-5: -Customs duties on merchandise imports are called tariffs. Tariffs give a price advantage to locally-produced goods over similar goods which are imported, and they raise revenues for governments.