WORLD HISTORY

Detailed explanation-1: -The rate is 10% of the value of goods. GST is applicable on all imports into India in the form of levy of IGST. IGST is levied on the value of imported goods + any customs duty chargeable on the goods. GST Compensation Cess is a levy which will be applicable in addition to the regular GST taxes.

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. Different tariffs applied on different products by different countries.

Detailed explanation-3: -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-4: -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.

Detailed explanation-5: -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.