Government waives customs duties on cotton imports until September 30

To relieve consumers and the textile industry, the Narendra Modi government on Wednesday waived customs duties on cotton until September 30.

Currently, it attracts 5% basic customs duty and 5% agricultural infrastructure development tax, totaling 11% on cotton imports. The industry demanded a duty waiver to lower domestic prices.

The Central Board of Excise and Customs (CBIC) has notified the exemption of customs duty and agricultural infrastructure development tax for the import of cotton.

“This notification will become effective on April 14, 2022 and will remain in effect until and including September 30, 2022,” the CBIC said.

This exemption will benefit the textile sector – yarns, fabrics, clothing and confections and will relieve consumers. Textile exports would also benefit, the ministry said.

(Edited by : Jomy Jos Pullokaran)

First post: STI


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