Economy UPPSC 2006 GS-I
Question

The tax on import and export is known as

Answer & Solution

Answer: (Detailed Solution Below)

Option C: Custom Duty

Detailed Solution:

The correct answer is “Custom Duty ”.

Custom duty, also known as customs duty, is a tariff or tax imposed on goods when they are transported across international borders. It is levied by the customs authority of a country to raise revenue and/or protect domestic industries from foreign competition.

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