Custom Duty?
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.