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Law Updates

Custom Duty Rebate on Cotton Import

Department: Department of Revinue

Authority: Government of India Ministry of Finance

2022-04-18

The GOI of India on 13th April released an official notification stating that the customs duty on the import of cotton will be removed till 30th September 2022.

This will not only help boost our manufacturing and exports but also bring down prices benefiting consumers.

 

[TO BE PUBLISHED IN GAZETTE OF INDIA, EXTRAORDINARY, PART ||, SECTION 3, SUB-SECTION (1)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)

New Delhi, the 13th of April 2022

                 G.S.R.   (E). In exercise of the powers conferred by sub-section (1) of section 25 of the customs Act, 1962 (52 of 1962) and section 124 of the finance Act, 2021 (13 of 2021) (hereinafter referred to as the said section), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts goods of the description specified in column (3) of the Table below and falling within the Chapter, heading, sub-heading or tariff item of the First Schedule to the Customs Tariff Act, 1975, (51 of 1975) as specified in column (2) of the said Table, when imported into India, from so Much of the duty of customs leviable thereon under the First Schedule to the Customs Tariff Act, 1975 (51 of 1975),  as is in excess of the amount calculated at the standard rate specified in the corresponding entry in column (4) of the said Table and from so much of the Agriculture Infrastructure and Development Cass (hereinafter referred to as AIDC) leviable thereon Under the said section, as is in excess of the amount calculated at the rate specified in column (5) of the said Table, namely:-