Customs duty on cotton imports waived till Sept 30
New Delhi, April 13
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.
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.
“This notification shall come into effect on April 14 and will remain in force up to and inclusive of September 30,” the CBIC said.
The exemption will benefit the textile chain — yarn , fabric and garments — providing relief to consumers, the ministry said. — /PTI
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