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Merits and demerits of custom duty
Can any one tell me the merits and demerits of custom duty. Urgent needed.
Thanks in advance.
Replies (1)
Merits/advantages:-
1. Increases the government revenue 2. Safeguards the domestic market from intense foreign competition. 3. Protects consumers from degraded/unhealthy goods.
Demerits /disadvantages:-
1. The tax burden on the importer/exporter 2. Consumer choices get limited due to high custom duty hence reducing the standard of living 3. Additional charges with the custom duty
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