Merits and demerits of custom duty
Raviteja (Articleship) (165 Points)
28 May 2012
Prachi Bansal
(3129 Points)
Replied 25 April 2021
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
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)