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Is custom duty a direct tax
No, customs duty is not a direct tax; it is a form of indirect tax. It is levied by the government on goods imported into or exported out of India.
Key details include:
- Paid by the importer or exporter, the cost is ultimately passed on to the end consumer.
- Administered by the Central Board of Indirect Taxes and Customs (CBIC) under the Ministry of Finance.
- Governed by the Customs Act (1962) and the Customs Tariff Act (1975).
- Aims to regulate trade and protect domestic industries.