USA HISTORY

Detailed explanation-1: -The duty is levied at the time of import and is paid by the importer of the goods. 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: -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: -The correct answer is Custom duties. The tax imposed on the import and export of commodities is called Custom duties. This is a form of foreign trade control and a policy that taxes foreign goods to encourage or protect domestic industry.

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: -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.