Question

Define custom duty? Explain the nature and scope of the custom duty?

Answer 1

Answer:

Custom duty is a type of indirect tax that is levied on all the goods that are imported to the country as well as some goods exported from the country. The duty levied on the former is referred to as import duty while that on the latter is referred to as the export duty. To simplify it, any tariff that is introduced on goods across national borders is referred to as custom duty.

Explanation: