Write the difference between duty and tariff.

The major differences between duty and tariff are as follows −

Duty	Tariff
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.

Published on 25-Jul-2020 10:29:35