Government exempts customs duty on cotton import till September 30
In a relief to consumers and the textile industry, the Narendra Modi government on Wednesday has exempted customs duty on cotton till September 30.
Currently, it attracts 5 percent basic customs duty and 5 percent agri infra development cess, totalling 11 percent on cotton imports. The industry has been demanding a waiver of duty to lower domestic prices.
The Central Board of Indirect Taxes and Customs (CBIC) notified the exemption from customs duty and agriculture infrastructure development cess for the import of cotton.
"This notification shall come into effect on the 14th April 2022, and will remain in force up to and inclusive of the 30th September 2022," the CBIC said.
This exemption shall benefit the textile chain -- yarn , fabric, garments and made ups and provide relief to consumers. Textile exports would also benefit, the ministry said.
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