ENA Economy 2022-04-14 07:08:45 <p><strong>New Delhi, April 14 (KNN)</strong> The Central Board of Indirect Taxes and Customs (CBIC) has notified the exemption of customs duty and agriculture infrastructure development cess on cotton imports.</p> <p>The Centre has waived customs duty on cotton imports till September 30, a move that will give a boost to textile exports. </p> <p>Also, this will help the industry in lowering domestic prices.</p> <p>CBIC in its statement said that the notification will come into effect on April 14, 2022, and will remain in force up to and inclusive of September 30, 2022.</p> <p>The Finance Ministry stated that this exemption shall benefit the textile chain yarn, fabric, garments, and made-ups and provide relief to consumers. Textile exports would also benefit.</p> <p>At present, there is a 5% basic customs duty (BCD) on cotton imports, while 5% is charged as the Agriculture Infrastructure Development Cess (AIDC).</p> <p>The announcement comes during the time the industry has been seeking a waiver of duty in order to lower domestic prices.</p> <p>Between April - March 2022, exports of cotton yarn/fabs./madeups, handloom products etc. stood at USD 15,244.20 million rising by 55.11% from USD 9,827.89 million in the previous fiscal. <em><strong>(KNN Bureau)</strong></em></p> 28907 https://knnindia.co.in/news/newsdetails/economy/centre-waives-off-customs-duty-on-cotton-imports-till-sept-30-with-effect-from-today 2022-04-14 07:08:45 knnindia.co.in