Centre Reduces The Custom Duties On Cotton; How Can It Reform Its Industry In India?
To reduce the cotton prices, the Indian government has decided to exempt all customs duties and other unnecessary duties on the imports of cotton. This exemption was announced by the government is going to be benefiting the textile chain- fabric, yarn, made-ups, and garments furthermore provide relief to the consumers and therefore the textile industry. The removal of 5% Agriculture Infrastructure and Development Cess (AIDC) and 5% Basic tariff (BCD) on raw cotton has been demanded by the industry. The exemption of the Agriculture Infrastructure development Cess and custom for import of cotton has been notified by the Central Board of Indirect Taxes and Customs (CBIC). From 14th April 2022, this notification has to get effected and till 30th September 2022, it'll remain effectiv
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