<Table> <Tr> <Td> </Td> <Td> This section does not cite any sources . Please help improve this section by adding citations to reliable sources . Unsourced material may be challenged and removed . (January 2015) (Learn how and when to remove this template message) </Td> </Tr> </Table> <Tr> <Td> </Td> <Td> This section does not cite any sources . Please help improve this section by adding citations to reliable sources . Unsourced material may be challenged and removed . (January 2015) (Learn how and when to remove this template message) </Td> </Tr> <P> A customs duty or due is the indirect tax levied on the import or export of goods in international trade . In economic sense, a duty is also a kind of consumption tax . A duty levied on goods being imported is referred to as an import duty . Similarly, a duty levied on exports is called an export duty . A tariff, which is actually a list of commodities along with the leviable rate (amount) of customs duty, is popularly referred to as a customs duty . </P> <P> Customs duty is calculated on the determination of the assessable value in case of those items for which the duty is levied ad valorem . This is often the transaction value unless a customs officer determines assessable value in accordance with the Harmonized System . For certain items like petroleum and alcohol, customs duty is realized at a specific rate applied to the volume of the import or export consignments . </P>

What is a duty placed on goods that are imported or exported
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