difference between import duty and customs duty - Economics - Introduction

Question

difference between import duty and customs duty

Prabhat Agrawal · Accepted Answer

An
import duty is a state raised tax levied on the value of goods and
services being imported It is generally charged as a percentage of
total value of goods and services being imported Import tax or duty
is an example of indirect tax
A
custom duty is also a state raised tax levied on the value of goods
and services being imported or exported It is also charged as a
percentage of total value of goods and services being imported or
exported
The
main difference is that import duty is levied only on imports while
custom duty is levied on imports and exports
both