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Which of the following duties levied by the Government of India are country-specific ?
1. Countervailing Duty
2. Anti-Dumping Duty
3. Safeguard Duty
Select the correct answer using the codes given below :
1. Countervailing Duty
2. Anti-Dumping Duty
3. Safeguard Duty
Select the correct answer using the codes given below :
- a)1 and 2 only
- b)1 and 3 only
- c)2 and 3 only
- d)1, 2 and 3
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
Which of the following duties levied by the Government of India are co...
- Countervailing duty (CVD) is a specific duty that the government imposes to protect domestic producers by countering the negative impact of import subsidies. CVD is an import tax by the importing country on imported products, which is considered a country-specific duty. For example, export subsidies given by the Chinese government will make Chinese products low-priced in the Indian market. This will be a disadvantage for the competing Indian products. To overcome this situation, the government of India can impose a countervailing duty on Chinese imports. So, Statement 1 is correct.
- Dumping occurs when a country exports goods to another country at a price lower than its normal value. This is an unfair trade practice that can have a distortive effect on international trade. Antidumping is a measure to rectify the situation arising from the dumping of goods and its trade distortive effect. Thus, antidumping duty aims to rectify the distortive trade effect of dumping and re-establish fair trade. Anti-dumping and anti-subsidy duties are levied against exporter/country as much as they are country- specific and exporter specific. The WTO permits using antidumping measures as an instrument of fair competition. It provides relief to the domestic industry against the injury caused by dumping. So, Statement 2 is correct.
- Safeguard duty is levied irrespective of the country to protect domestic industry temporarily from the surge of cheap imports. As per section 8B(1) of the Customs Tariff Act, safeguard duty is imposed to protect the interests of any domestic industry in India, and it is product specific. This aspect distinguishes Safeguards from antidumping and anti-subsidy measures, which are always country-specific and exporter specific. So, Statement 3 is not correct.
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Which of the following duties levied by the Government of India are co...
The correct answer is option 'A': 1 and 2 only.
Countervailing Duty (CVD), Anti-Dumping Duty (ADD), and Safeguard Duty are all duties levied by the Government of India to protect domestic industries from unfair competition and to regulate international trade. However, among these duties, only Countervailing Duty and Anti-Dumping Duty are country-specific.
1. Countervailing Duty (CVD):
Countervailing Duty is a duty imposed on imported goods to neutralize the impact of subsidies provided by the exporting country to their domestic industries. It is levied on imported goods to ensure fair competition with domestic industries. CVD is specific to a particular country and is imposed when the government finds that a foreign country is providing subsidies to its industries, resulting in unfair competition with Indian industries.
2. Anti-Dumping Duty (ADD):
Anti-Dumping Duty is levied on imported goods to counteract the negative effects of dumping. Dumping refers to the practice of exporting goods to another country at a price lower than its normal value, often causing harm to domestic industries. ADD is imposed on such dumped goods to restore fair competition and protect domestic industries. Like CVD, ADD is also specific to a particular country and is imposed when the government finds evidence of dumping by a foreign country.
3. Safeguard Duty:
Safeguard Duty is a temporary measure imposed on imported goods to protect domestic industries from a surge in imports that could cause serious injury. Unlike CVD and ADD, Safeguard Duty is not country-specific. It can be imposed on imports from any country, including India's trading partners, if a sudden increase in imports threatens domestic industries. Safeguard duties are typically imposed for a limited period of time to allow domestic industries to adjust and become competitive.
In conclusion, among the duties mentioned, Countervailing Duty and Anti-Dumping Duty are specific to a particular country, while Safeguard Duty can be imposed on imports from any country. Therefore, the correct answer is option 'A': 1 and 2 only.
Countervailing Duty (CVD), Anti-Dumping Duty (ADD), and Safeguard Duty are all duties levied by the Government of India to protect domestic industries from unfair competition and to regulate international trade. However, among these duties, only Countervailing Duty and Anti-Dumping Duty are country-specific.
1. Countervailing Duty (CVD):
Countervailing Duty is a duty imposed on imported goods to neutralize the impact of subsidies provided by the exporting country to their domestic industries. It is levied on imported goods to ensure fair competition with domestic industries. CVD is specific to a particular country and is imposed when the government finds that a foreign country is providing subsidies to its industries, resulting in unfair competition with Indian industries.
2. Anti-Dumping Duty (ADD):
Anti-Dumping Duty is levied on imported goods to counteract the negative effects of dumping. Dumping refers to the practice of exporting goods to another country at a price lower than its normal value, often causing harm to domestic industries. ADD is imposed on such dumped goods to restore fair competition and protect domestic industries. Like CVD, ADD is also specific to a particular country and is imposed when the government finds evidence of dumping by a foreign country.
3. Safeguard Duty:
Safeguard Duty is a temporary measure imposed on imported goods to protect domestic industries from a surge in imports that could cause serious injury. Unlike CVD and ADD, Safeguard Duty is not country-specific. It can be imposed on imports from any country, including India's trading partners, if a sudden increase in imports threatens domestic industries. Safeguard duties are typically imposed for a limited period of time to allow domestic industries to adjust and become competitive.
In conclusion, among the duties mentioned, Countervailing Duty and Anti-Dumping Duty are specific to a particular country, while Safeguard Duty can be imposed on imports from any country. Therefore, the correct answer is option 'A': 1 and 2 only.
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Which of the following duties levied by the Government of India are country-specific ?1. Countervailing Duty2. Anti-Dumping Duty3. Safeguard DutySelect the correct answer using the codes given below :a)1 and 2 onlyb)1 and 3 onlyc)2 and 3 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer?
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