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Customs
Intermediate
What is import duty?
Direct Answer
Import duty is a tax imposed by governments on imported goods.
Detailed Explanation
Import duties are calculated based on HS Code classification, CIF value, country of origin, and applicable trade regulations. In India, import duty may include Basic Customs Duty, IGST, Social Welfare Surcharge, and other applicable taxes.
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These interactive logistics flashcards are designed to simplify international trade concepts, freight forwarding, customs clearance, and shipping documentation for importers and exporters.
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