Question: Custom duty is a tax levied on …
(a) Export/ Import
(b) Export Only
(c) Import Only
(d) None of the above.
Ans: (a)
Related Fact :
- The preferential trade agreement between India and the South American nation Chile came into force on May 16, 2017.
- Under the Preferential Trade Agreement (PTA), both the countries have agreed to lower or eliminate duties on a number of items listed for mutual trade.
- Chile has offered duty concessions on as many as 1,798 goods such as agricultural items, chemicals, pharmaceuticals, plastics, textiles, apparel, iron and steel items, copper machinery, to Indian exporters as compared to 178 items earlier.
- India, on the other hand, offered concessions to Chile on 1,031 products including meat items, fish, vegetable oil, processed food, pharma, plastic and pearls as against 296 earlier.
- More than 96 per cent of the total trade between India and Chile is now covered by this agreement.
- Chile is the fourth largest trading partner of India in Latin American region after Brazil, Venezuela and Argentina.
- It is notable that customer duty is a tax levied on imports (and, sometimes, on exports) by the customs authorities of a country to raise state revenue or to protect domestic industries from more efficient competitors from abroad.
Reference:
http://www.ptinews.com/news/8703000_India–Chile-trade-agreement-to-come-into-force-from-May-16
http://indiatoday.intoday.in/story/india-chile-trade-agreement-to-come-into-force-from-may-16/1/953501.html