Buzz Update Cotton imports attract 5% basic customs duty and 5% agricultural infrastructure development cess TOU

Buzz Update Cotton imports attract 5% basic customs duty and 5% agricultural infrastructure development cess

 TOU

Cotton imports attract 5% basic customs duty and 5% agricultural infrastructure development cess


A Shaktivel, president of the Federation of Indian Export Organizations (FIEO), said on Thursday that the government’s decision to waive customs duty on cotton imports would help boost exports of textile value-added products.

He said the move would significantly boost exports of garments and manufactured sectors by reducing the prices of yarn and fabrics.

The Finance Ministry on Wednesday waived the customs duty on cotton imports till September 30, a move that will benefit the textile industry and consumers at lower prices.

Currently, cotton imports attract 5 per cent basic customs duty (BCD) and 5 per cent agricultural infrastructure development cess (AIDC). The industry is demanding a tariff exemption to reduce domestic prices.

The Central Board of Indirect Taxes and Customs (CBIC) has notified customs duty on cotton imports and exemption from AIDC.

Shaktivel said cotton textile exports could pick up further due to higher prices.

He said India had recently increased its market share in apparel exports to the US and many other countries and the signing of a free trade agreement with the UAE and Australia would be further accelerated.

He said the government has provided all kinds of assistance to the textile sector and should strive to reach $ 100 billion worth of textile exports by 2030.


!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window, document,’script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘1743098172620936’);
fbq(‘track’, ‘PageView’);

(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “//connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6&appId=409876282497774”;
fjs.parentNode.insertBefore(js, fjs);
read

if you want to read this article from the original credit source of the article then you can read from here.

Leave a Reply