6 What is custom duty? Discuss its types.
Answer : n economics, a duty is a kind of tax, often associated with customs, levied by a state. The term is often used to describe a tax on certain items purchased abroad.Properly, a duty differs from a tax in being levied on specific commodities, financial transactions, estates, etc., and not on individuals. Duties may be import duties, excise duties, stamp duties, death or succession duties, etc.; but income tax levied on a
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