Exemption Of Customs Duty On Cotton Import:
Government has exempted the import of cotton from customs duties from today to 30th of September this year.
- Ministry of Finance has issued a notification in this regard saying that the exemption on cotton import will come into effect from 14th April and remain in force till 30th of September, 2022.
- The exemption will benefit the textile chain-yarn, fabric, garments and made-ups and will also provide relief to consumers. Textile exports are also to be benefitted from this move.
- Previously, the import of cotton attracted a 5 percent basic customs duty and another 5 percent Agriculture Infrastructure Development Cess (AIDC).