ENTREPRENEURIAL OPPORTUNITIES
COMPETITIVE ANALYSIS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A ____ is a fee, similar to a tax, which must be paid by importers on the goods they import.
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tariff
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import
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export
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foreign exchange
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Explanation:
Detailed explanation-1: -Customs duty, a type of indirect tax, is charged on all imported commodities and some items that are exported outside of the country.
Detailed explanation-2: -Basics of GST on Imports All inter-state supplies attract IGST. So import of goods and services into India will attract IGST. Basic custom duty and all applicable customs levy will continue to be charged.
Detailed explanation-3: -These include specific tariffs, ad valorem tariffs, compound tariffs, tariff-rate quotas, and retaliatory tariffs.
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