Write the difference between duty and tariff.

The major differences between duty and tariff are as follows −

  • It is a tax imposed on export/imports goods.

  • Similar to indirect taxes.

  • Exciting duty and customs duty are its two types.

  • Imposes on goods manufactured domestically and imports/exports of goods.

  • Amount goes to government.

  • These are taxes imposed on goods imported from other countries.

  • Similar to direct taxes.

  • Specific tariff and Ad valorem tariff are its two types.

  • Covers on imported/exported goods of a manufacture country to international country.

  • Amount goes to government.

Updated on: 25-Jul-2020


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