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Import duty on cotton, duty drwabck Rates on cotton export. latest information of cotton Import, cotton Export.


Abolishing Import Duty on Cotton and Duty Drawback Rates on Cotton Exports




With the finance ministry announced abolishing the import duty on cotton and drawbacks on cotton exports, the textile industry heaved a sigh of relief as it can source cotton from wherever it is available at affordable prices.

Welcoming the decision, the Confederation of Indian Textile Industry (CITI) chairman PD Patodia said that about 4,500 textile mills throughout the country observed a one-day closure on Wednesday to attract the attention of the government to the serious problems that the industry is facing because of unreasonably high cotton prices.

“Because of speculation in the market by international traders, not only cotton prices sky rocketed, but cotton disappeared from the market, creating an artificial shortage in spite of an all time high record in cotton production in the country”, he said.

International traders have been cornering cotton stocks on the strength of finances available to them at LIBOR rates. Because of this cotton prices in the domestic market shot up over 35 per cent as compared to last years in the same period.

Patodia said the two decisions announced by the government on Wednesday have addressed the cotton issue substantially. However, proper monitoring of cotton exports and calibration of the quantity of cotton export on the basis of domestic demand are issues that still need to be addressed. CITI is also demanding that exportable surplus of cotton should be assessed on a regular basis and export quantities should be released periodically, based on such assessment.

Source : http://www.financialexpress.com/news/textile-sector-cheers-duty-drawback-relief/333602/


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What is New?

Date: 23-05-2018
DGFT Policy Circular No. 07/2015-20
Clarification on the term `Duty` under Sl.No.3 of Appendix-3A of Foreign Trade Policy 2015-2020.

Date: 23-05-2018
Notification No. 46/2018-Customs
Seeks to further amend notification No. 50/2017- Customs dated 30.06.2017 so as to: i. increase basic customs duty (BCD) on shelled Almonds [0802 12 00] from Rs.65/Kg to Rs.100/Kg ii. increase basic customs duty (BCD)on wheat [1001 19 00, 1001 99 10] from present 20% to 30%. iii increase basic customs duty (BCD) on Protein concentrates [2106 10 00] from 10% to 40%.

Date: 23-05-2018
Notification No. 45/2018-Customs
Seeks to increase tariff rate of basic customs duty (BCD) on Walnuts in shell [0802 31 00 ] from 30% to 100% and increase tariff rate of basic customs duty (BCD) on Protein concentrates and textured protein substances [2106 10 00] from 30% to 40% by invoking section 8A (1) of the Customs Tariff Act, 1975.

Date: 22-05-2018
TRADE NOTICE NO. 13/2018-19
Quota allotted under the Indo-Sri Lanka Free Trade Agreement : Minutes of the Meeting dated 9.5.2018

Date: 22-05-2018
Public Notice No. 10/2015-2020
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Date: 22-05-2018
DGFT Policy Circular No. 06/2015-20
Service Providers (and not Ports) are eligible for SFIS/SFIS benefit.

Date: 21-05-2018
Notification No. 11/2018 – Union Territory Tax
Notifications regarding E-way bill in Union Territories (without legislature)

Date: 21-05-2018
Notification No. 10/2018 – Union Territory Tax
Notifications regarding E-way bill in Union Territories (without legislature)

Date: 18-05-2018
Notification No. 09/2018 – Union Territory Tax


Date: 18-05-2018
Notification No. 08/2018 – Union Territory Tax




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