‘Duty-free raw cotton to boost textile exports’
The government’s decision to waive customs duty on cotton imports will help boost exports of value added products of textiles, Federation of Indian Export Organisations (FIEO) President A Sakthivel said on Thursday.
The move, he said, will promote exports of apparel and made-ups sectors significantly by softening the prices of yarn and fabrics as well. The finance ministry on Wednesday waived customs duty on cotton imports till September 30, a move which will benefit the textile industry and lower prices for consumers.
Currently, cotton imports attract 5 per cent Basic Customs Duty (BCD) and 5 per cent Agriculture Infrastructure Development Cess (AIDC). The Central Board of Indirect Taxes and Customs (CBIC) notified the exemption from customs duty and AIDC for import of cotton. The industry had been demanding a duty waiver to lower domestic prices.
Visit news.dtnext.in to explore our interactive epaper!
Download the DT Next app for more exciting features!
Click here for iOS
Click here for Android
