USA HISTORY

Detailed explanation-1: -The main purpose of import duty is to protect Indian industries from cheaper foreign goods. Goods & Services Tax (GST) is levied on all imported goods, with the tax rate being 10% of the value of the goods.

Detailed explanation-2: -Import of Goods The integrated tax on goods shall be in addition to the applicable Basic Customs Duty (BCD) which is levied as per the Customs Tariff Act.

Detailed explanation-3: -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.

Detailed explanation-4: -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-5: -A tariff is a tax imposed by a government on goods and services imported from other countries that serves to increase the price and make imports less desirable, or at least less competitive, versus domestic goods and services.