To boost textile industry, government waives customs duty

Government waives off customs duty on cotton imports till September 30

New Delhi: The Finance Ministry on Wednesday waived off customs duty on cotton imports till September 30, a move that will benefit the textile industry and lower prices for consumers.

At present, import of cotton attracts a basic customs duty of 5 per cent (BCD) and 5 per cent Agricultural Infrastructure Development Cess (AIDC). The industry has been demanding duty exemption to bring down the domestic prices.

The Central Board of Indirect Taxes and Customs (CBIC) notified exemption from customs duty and Agriculture Infrastructure Development Cess for import of cotton.

“This notification shall be effective from 14th April, 2022 and shall remain in force till 30th September, 2022,” the CBIC said.

This exemption will benefit the textile chain – yarn, textiles, textiles and made ups and will bring relief to the consumers. The Finance Ministry said that textile exports will also benefit.

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