Import Duty Types

There are four major types of import duty, which include the following:

Basic duty-It refers to the type of duty imposed on the value of products at a specified rate since it is fixed on ad valorem basis. It is relatively more or less the same as central excise duty.

Additional customs duty-It is the type of duty often levied on goods, which are imported from outside the country. Its application varies from one country to another.

However, in many instances, it is usually equal to central excise duty on the same products if they are manufactured in the same country.

True Countervailing duty – It refers to the type of taxes typically imposed on goods, which have received government subsidies in the original country importing or exporting the same.

Anti-dumping duty – It is a type of customs duty on imports, which protects against the dumping of goods in a particular economic trade region. The prices for this form of duty is usually a bit lower than the normal value of the product.