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Import Duty Exemption on Cotton Extended till Oct 31.


Date: 06-07-2022
Subject: Import Duty Exemption on Cotton Extended till Oct 31
The government has extended the exemption of customs duty and agriculture infrastructure and development cess (AIDC) on the import of cotton for one more month till October 31, 2022.

The extension will give relief to the textile industry as sowing of cotton crop was delayed in some regions due to patchy monsoon rainfall.
Officials said that the Centre will assess the cotton crop cultivation again in the next two months and may extend it further, if required.

The Central Board of Indirect Taxes and Customs (CBIC) in April had exempted levy of customs duty and AIDC on import of cotton till of September 30, 2022, following industry demand after cotton prices rallied in the global market.

A notification issued by the board said that the word "30th September, 2022", the figures, letters and word "31st October, 2022" shall be substituted."

Source Name:-Economic Times


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