Indian government abolishes import duty on cotton

Tags: Economics/Business

The government of India has scrapped the 5% basic custom duty on imported cottons and has reduced it to zero percent till 30 September 2022.

• Till now the imported cotton was taxed at 11% which included the custom duty of 5% plus 5% agriculture infrastructure development cess and 1% surcharge.

• This new zero percent duty on imported cotton will be applicable from 14 April 2022 till 30 September 2022.