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What is Tax? To dig deeper into revenue enhancement, we'd like to 1st perceive what tax is. The government wants funds to hold out public expenditures or conduct government activities. In alternative words, it wants money contribution from the general public for running the country. For this sake, the govt. imposes a tax within the type of a mandatory money contribution on the financial gain, profits, occupation, property, etc. to stay its ship sailing. In India: Taxes is levied by the Central or regime or native Bodies. they need to be in accordance with the laws glided by the State law-makers and Parliament. Advantages of Paying Taxes the cash is used in ascent the society the govt. is ready to hold out welfare activities Funding of plans for aiding the event and protection of the country associate investment pool is made to be used for the general public For the betterment of the infrastructure facilities Types of Taxes Taxes is loosely classified i

What is Custom Duty? Customs duty may be a kind of taxation that's levied on all merchandise|the products} that ar foreign to the country additionally as some goods exported from the country. The duty levied on the previous is said as tariff whereas that on the latter is said because of the tariff. To alter it, any tariff that's introduced on product across national borders is said as custom duty. The duty levied depends on the worth of the products, its dimensions and weight beside a lot of different criteria. whereas value-based duties ar referred to as Valorem duties, quantity-based duties ar referred to as specific duties. On the opposite hand, duties on values and different factors ar referred to as compound duties. Customs Duty in the Asian nation Custom Duty within the country falls beneath the Customs Act, 1962. As per this act, the govt. levies duties on each import and export of products besides their procedures, prohibitions, penalties, etc.