Finance Ministry waives customs responsibility on cotton imports until September 30

The finance ministry on Wednesday waived customs responsibility on cotton imports until September 30, a transfer which is able to profit the textile business and decrease costs for shoppers. At the moment, cotton imports appeal to 5 per cent Primary Customs Responsibility (BCD) and 5 per cent Agriculture Infrastructure Improvement Cess (AIDC). The business has been demanding waiver of responsibility to decrease home costs.

The Central Board of Oblique Taxes and Customs (CBIC) notified the exemption from customs responsibility and agriculture infrastructure improvement cess for import of cotton.

“This notification shall come into impact on the 14th April, 2022, and can stay in drive as much as and inclusive of the thirtieth September, 2022,” the CBIC stated.

This exemption shall profit the textile chain — yarn , material, clothes and made ups and supply aid to shoppers. Textile exports would additionally profit, the ministry stated.
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