: Centre waives off customs duty on cotton imports till Sept 30 with effect from today #finance #StockMarketNEWS Centre waives off customs duty on cotton imports till Sept 30 with effect from today

Centre waives off customs duty on cotton imports till Sept 30 with effect from today #finance #StockMarketNEWS
Centre waives off customs duty on cotton imports till Sept 30 with effect from today New Delhi, April 14 (KNN) The Central Board of Indirect Taxes and Customs (CBIC) has notified the exemption of customs duty and agriculture infrastructure development cess on cotton imports.

The Centre has waived customs duty on cotton imports till September 30, a move that will give a boost to textile exports.

Also, this will help the industry in lowering domestic prices.

CBIC in its statement said that the notification will come into effect on April 14, 2022, and will remain in force up to and inclusive of September 30, 2022.

The Finance Ministry stated that this exemption shall benefit the textile chain yarn, fabric, garments, and made-ups and provide relief to consumers. Textile exports would also benefit.

At present, there is a 5% basic customs duty (BCD) on cotton imports, while 5% is charged as the Agriculture Infrastructure Development Cess (AIDC).

The announcement comes during the time the industry has been seeking a waiver of duty in order to lower domestic prices.

Between April - March 2022, exports of cotton yarn/fabs./madeups, handloom products etc. stood at USD 15,244.20 million rising by 55.11% from USD 9,827.89 million in the previous fiscal. (KNN Bureau)