Impost

Impost – An impost is a type of tax or duty levied on goods, usually at the point of importation. Governments impose imposts for multiple purposes: Revenue generation: Collecting funds for public expenditure. Protectionism: Shielding domestic industries from foreign competition by increasing the cost of imported goods. Key points: The rate of impost may vary based on the type, value, or origin of the goods. Imposts are often integrated into customs duties and trade regulations. Unlike direct taxes, imposts are indirect, as they are added to the price of goods. Example: A country imposes a 15% impost on imported textiles worth ₹50,000. The importer pays ₹7,500 as the impost along with the cost of goods.