USA HISTORY

Detailed explanation-1: -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-2: -A tariff or duty (the words are used interchangeably) is a tax levied by governments on the value including freight and insurance of imported products.

Detailed explanation-3: -What is a tariff in simple terms? A tariff is a tax on goods and services imported into a country. It is typically used to increase the price of imported goods, making them more expensive than domestic goods and services, thus protecting domestic industries.

Detailed explanation-4: -There are two types of tariffs, an import tariff and an export tariff. As you can tell by their names, an import tariff is put on goods being imported into the country from abroad. An export tariff is put on goods being sent abroad. The import tariff and the export tariff are often different values.

Detailed explanation-5: -Customs duty. Customs duty is levied by the Central Government on goods imported into, and exported from, India. The rate of customs duty applicable to a product imported or exported depends upon its classification under the Customs Tariff Act, 1975.