When custom duty is levied according to weight of goods it is known as?
Answers
Explanation:
Customs duty is levied as per the value of goods or dimensions, weight and other such criteria according to the goods in question. If duties are based on the value of goods, then they are called as ad valorem duties, while quantity/weight based duties are called specific duties..
Customs duty refers to the duty assessed on goods when they're transported across transnational borders. In simple terms, it's the duty that's levied on import and import of goods. The government uses this duty to raise its earnings, safeguard domestic diligence, and regulate movement ofgoods.However, they're called specific duties, whereas if they're levied on the base of the value of goods, If custom duties are levied as per the volume or weight ofgoods.Import duty is also known as customs duty, tariff, import duty or import tariff. Import duty is levied when imported goods first enter the country. Around the world, several associations and covenants have a direct impact on importduties.Customs duty is a variant of Indirect Tax and is applicable on all goods imported and a many goods exported out of the country. Duties levied on import of goods are nominated as import duty while duties levied on exported goods are nominated as an import duty.
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