priyanshu saxena (MBL LL.B.(Hons.) CS (Professional) with 4 yrs exp as Law editor in Thakur Publishers Pvt. Ltd.) (2653 Points)
15 October 2011Is there any diffference between duties and liabilities??? or both are the same thing?
ACMA Obulirajan R
(M.Com, ACMA)
(1119 Points)
Replied 15 October 2011
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.,
Arniv Sharda
(CA Final)
(3006 Points)
Replied 15 October 2011
| 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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