Write the difference between duty and tariff.
The major differences between duty and tariff are as follows −
Duty | Tariff |
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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.
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Published on 25-Jul-2020 10:29:35