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).
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