DIfference In Incoterms
DIfference In Incoterms Now we all have a basic idea of what incoterms are and how they help in the import and export of goods. Incoterms however do have exceptions. For instance, US is the only country that accepts a customs bond. A customs bond is charged by the US customs department and protects the US government in case the importer has not paid any penalties or taxes. If such a case comes up then the goods are withheld by the US customs department. Also when exporting goods from India, a withholding tax is to be paid. If the goods which are being exported is mentioned in the Second Schedule of Export Tariff, then no taxes are to be paid otherwise one should pay the withholding tax to get a clearance to export the goods. While we have discussed India and US briefly there is also a thi...