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Budget in graphics: Customs duty

Budget in graphics: Customs duty

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Customs duty: A customs duty is a tax (or tariff) imposed on the export or import of goods and services. The duty helps raise revenues for the government and also curbs unlawful trade, both exports and imports.

The Central Board of Excise and Customs, a part of the Department of Revenue under the Finance Ministry, formulates laws dealing with the levy and collection of customs duties, among others.

Story first published on: February 22, 2013 17:57 (IST)

Tags: custom duty, Budget 2013, union budget

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