Is there any diffference between duties and liabilities??? or both are the same thing?
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What is the difference between duties n liabilities?????????
Replies (2)
Yes both are different in nature..
Duties are generally levied when you manufacture or import or export or sell any goods i.e. Excise duty, Customs Duty, Export Duty ect.,
However Liability is a financial terminology which is used when you need to pay a something to some body.. i.e. Excise duty payable, VAT payable , Salary payable etc.,
| Originally posted by : OBULIRAJAN R | ||
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Yes both are different in nature.. Duties are generally levied when you manufacture or import or export or sell any goods i.e. Excise duty, Customs Duty, Export Duty ect., However Liability is a financial terminology which is used when you need to pay a something to some body.. i.e. Excise duty payable, VAT payable , Salary payable etc., |
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cheers
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