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Reduction in custom duty comes under which type of reform
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Reduction in custom duty comes under which type of reform
Reduction in custom duty comes under which type of reform?
Reduction in custom duty comes under the category of trade reforms.
Explanation
- Trade reforms: These are the changes made in the trade policies of a country to improve the efficiency and competitiveness of its trade sector. Trade reforms are aimed at increasing exports and reducing imports, thereby improving the balance of trade.
- Custom duty: It is a tax imposed by the government on the import and export of goods. The purpose of custom duty is to protect the domestic industries from foreign competition and to generate revenue for the government.
- Reduction in custom duty: When the government reduces the rate of custom duty on the import and export of goods, it is known as a reduction in custom duty. This is done to make the imported goods cheaper and to increase the competitiveness of domestic industries in the global market.
Reduction in custom duty is a part of the overall trade reform process. It helps in improving the efficiency and competitiveness of the domestic industries and promotes international trade. It also helps in reducing the cost of production for domestic industries by making imported raw materials cheaper.
Overall, reduction in custom duty is a positive step towards improving the trade sector of a country and increasing its competitiveness in the global market.
Community Answer
Reduction in custom duty comes under which type of reform
Its may be indirect tex reform
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Reduction in custom duty comes under which type of reform
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Reduction in custom duty comes under which type of reform for Class 12 2025 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Reduction in custom duty comes under which type of reform covers all topics & solutions for Class 12 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Reduction in custom duty comes under which type of reform.
Reduction in custom duty comes under which type of reform for Class 12 2025 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Reduction in custom duty comes under which type of reform covers all topics & solutions for Class 12 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Reduction in custom duty comes under which type of reform.
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