New Delhi: The Government has exempted all customs duty on the import of cotton to lower its price to benefit the textile chain – yarn, fabric, garments and made-ups.
The industry had been demanding the removal of 5% Basic Customs Duty (BCD) and 5% 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 and the notification has come into effect from today. It will remain in force up to and inclusive of September 30, 2022.
Removal of import duty on raw cotton should have a salutary effect on cotton price in India, the Ministry of Textiles stated.
– global bihari bureau
