The Finance Ministry on Wednesday announced that the import of cotton will be fully exempted from custom duty.
This notification shall come into effect on the 14th April 2022, and will remain in force up to and inclusive of the 30th September 2022, the Central Board of Indirect Taxes and Customs (CBIC) notified on Wednesday.
The exemption will benefit the textile chain-yarn, fabric, garments and made-ups and will also provide relief to consumers. Textile exports will also benefit from this move.
Previously, the import of cotton attracted a 5% basic customs duty and another 5% agriculture infrastructure development cess (AIDC).
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