Business Standard

FinMin waives customs duty on cotton imports till September 30

Currently, cotton imports attract 5 per cent Basic Customs Duty (BCD) and 5 per cent Agriculture Infrastructure Development Cess (AIDC)

'Not considering a ban on cryptocurrency ads,' says FM in Rajya Sabha

Union Finance Minister Nirmala Sitharaman

Press Trust of India New Delhi

The finance ministry on Wednesday waived customs duty on cotton imports till September 30, a move which will benefit the textile industry and lower prices for consumers.

Currently, cotton imports attract 5 per cent Basic Customs Duty (BCD) and 5 per cent Agriculture Infrastructure Development Cess (AIDC). The industry has been demanding 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 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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Apr 13 2022 | 10:29 PM IST

Explore News