Government Waives Customs Duty On Cotton Imports Till September 30 To Boost Textile Industry

Finance Ministry on Wednesday waived customs duty on cotton imports till September 30, a move that will benefit the textile industry. Because of this move, the textile exports will get a boost.

Cotton imports attract 5 per cent Basic Customs Duty (BCD) and 5 per cent Agriculture Infrastructure Development Cess (AIDC).

The Central Board of Indirect and Customs (CBIC) said, “The notification will come into effect from April 14, 2022 and will be in force till September 30, 2022.”

Removal of customs duty on cotton will give relief to the consumer as it may also bring down the prices of incoming cloth.

“Good news for the Textiles sector on this festive day. Modi Govt. removes customs duty on import of cotton till Sept.30, 2022. This will not only help boost our manufacturing & exports but also bring down prices benefiting consumers,” tweeted Minister of Commerce & Industry Piyush Goyal.