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What is import tax?

Day 1,075, 08:39 • Published in India India

• by babulbang

Explain in details. Is it to be paid by the buyer? and where does it go?

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Comments

Sabarinath Day 1,075, 09:57

Import tax is the increase in selling price of items at the marketplace when the company selling the item is outside of the country. Tax revenue is added to the country's account.

Example: If a company from India decides to sell one unit of Food at the marketplace in USA for $1.00, and USA's import tax for food is 50%, and USA's VAT is 5%, then the offer at the marketplace would be $1.55.

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