Write the difference between tax and duty.
The major differences between tax and duty are as follows −
It is the compulsory amount paid to the government.
It is charged on income, wealth, service, sales etc.
Direct tax and indirect tax are types of taxes.
Central/state governments will impose tax.
It is an amount charged by government on imports/exports and manufacture of goods.
It is charged on goods and financial transactions.
Custom duty and excise duty are types of duty.
Central government will impose duty.
Published on 25-Jul-2020 06:58:29