A notification issued in late evening of Wednesday by the ministry of finance said that cotton, not carded or combed, falling under HS Code 5201, is exempted from basic customs duty (BCD) and Agriculture Infrastructure and development Cess (AIDC).
Currently, importers have to pay around 11 per cent duty in total. For the past few weeks, the textile industry has been demanding removal of import duty on cotton, as prices crossed ₹90,000 per candy of 356 kg for the benchmark Shankar-6 variety in the domestic market.
ALCHEMPro News Desk (KUL)
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