Ankur | Apr 15, 2022 |
Government waives all Customs Duties on Cotton Imports till 30th September 2022
To cut cotton prices in the public interest, the government has decided to exempt all customs duties on cotton imports. This exemption would help the textile chain, including yarn, fabric, clothes, and made-ups, as well as the textile business and customers.
The cotton industry has been lobbying for the elimination of the 5% Basic Customs Duty (BCD) and the 5% Agriculture Infrastructure and Development Cess (AIDC) on raw cotton.
The Central Board of Indirect Taxes and Customs (CBIC) has announced that cotton imports will be exempt from Customs tax and the Agriculture Infrastructure Development Cess.
This notification will take effect on the 14th of April 2022 and will be in effect until the 30th of September 2022. The removal of import duties on raw cotton should have a positive impact on cotton prices in India.
The Notification is given below for reference:
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