Glossary / Also known as

Import duty

Another name for Customs Duty.

What does import duty mean?

Import duty is another name for Customs Duty. A tax levied on goods imported into or exported from India, administered by the Central Board of Indirect Taxes and Customs.

The two names mean the same thing. You will see "import duty" in some ledgers, reports and contracts and "Customs Duty" in others. The full entry covers how it works, with examples.

Read the full definition of Customs Duty

Topics

Trade and foreign exchange

From the glossary

Related terms.

Trade and foreign exchange Customs Duty A tax levied on goods imported into or exported from India, administered by the Central Board of Indirect Taxes and Customs. Also called import duty Trade and foreign exchange Central Excise A tax on the manufacture of goods within India, levied by the central government and largely subsumed by GST in 2017. Also called central excise duty Trade and foreign exchange Excise Duty An indirect tax on the manufacture or production of goods within a country, distinct from customs duty on imports. Also called excise tax, excise GST basics GST (Goods and Services Tax) India's unified indirect tax that replaced multiple central and state levies, creating a single national market for goods and services. Also called Goods & Services Tax Trade and foreign exchange Export Promotion Government schemes and incentives designed to boost India's exports and support exporters in accessing international markets. Also called export incentives, export promotion schemes Trade and foreign exchange Anti-Money Laundering (AML) Regulations and processes to detect, prevent, and report money laundering activities in the financial system. Also called anti money laundering, PMLA compliance

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