USA HISTORY

Detailed explanation-1: -What is Customs Duty? Customs duty, a type of indirect tax, is charged on all imported commodities and some items that are exported outside of the country. Import tariffs and export duties are terms used to describe taxes imposed on the import and export of products, respectively.

Detailed explanation-2: -Customs is a term commonly used in international shipping pointing to the duties, fees or taxes charged on items being shipped from one country to another. Costs can vary depending on the items and countries being shipping from and into.

Detailed explanation-3: -The taxable event, which attracts the levy of Customs is import or export of goods into or out of India. In case of imported goods, the duty liability is to be discharged before the goods are cleared for home consumption.

Detailed explanation-4: -In practice, import duty is levied when imported goods first enter the country. For example, in the United States, when a shipment of goods reaches the border, the owner, purchaser or a Customs broker (the importer of record) must file entry documents at the port of entry and pay the estimated duties to Customs.