Business
Govt Exempts All Customs Duty On Cotton Imports Till 30 September
A cotton field (Representative Image)
The government has decided to exempt all customs duty on import of cotton to lower the price of cotton.
This exemption would benefit the textile chain-yarn, fabric, garments and made ups and provide relief to textile industry and consumers, a Ministry of Textiles release said on Thursday (14 April).
According to the ministry, the industry has been demanding for removal of 5 per cent Basic Customs Duty (BCD) and 5 per cent Agriculture Infrastructure and Development Cess (AIDC) on raw cotton.
The Central Board of Indirect Taxes and Customs (CBIC) notified the exemption from Customs duty and Agriculture Infrastructure development Cess for import of cotton.
The notification shall come into effect from Thursday (14 April) and will remain in force upto and inclusive of the 30 September 2022, the ministry said.
The ministry added that the removal of import duty on raw cotton should have salutary effect on cotton price in India.
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