Cotton Exempted from Import Duty

BANKING AND ECONOMY

  • On the demand of the Industrialists, the import duty for cotton was exempted by the Union Government till September 2022.
  • The duty was exempted to lower the price of cotton in the public interest.
  • The crop was exempted from 5% Basic Customs Duty (BCD) and 5% Agriculture Infrastructure and Development Cess (AIDC) for the import of cotton.

Facts to know:

 

  • The Central Board of Indirect Taxes and Customs (CBIC) was established in 1964.
  • Chairperson of CBIC: Mr.Vivek Johri.
  • The Customs and Central Excise/GST department comes under the Department of Revenue, Ministry of Finance.
Govt Exempts Custom Duty on Cotton Imports
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