Question

discuss the importance of custom duty and bad effect of such duty​

Answer 1

Customs duty refers to the tax imposed on goods when they are transported across international borders. In simple terms, it is the tax that is levied on import and export of goods. The government use this duty to raise its revenue, safeguard domestic industries, and regulate movement of goods.....

Answer 2

The importance of custom duty and bad effects of such duty are as follows-

• Custom duty is elaborated as the indirect tax imposed on imported in our country.

• Tax levied on imports and exports business of goods is custom duty.

• This is quite necessary. This is so because it's our main source from which government raises economic growth of our nation.

• Not only just economy, but also the duty is useful in rising and safeguarding our industries, houses, jobs and much more.

• Also, custom duties regulates county's goods translocation.