Cotton Import Duty Exemption Extended by One Month to 31 Oct 2022 from 30 Sept 2022

· High Cotton Price Hampering Textile Exports, Margins Crash

· New Cotton Crop may dampen price, One month extension Insufficient to Plan Import

· Cotton Prices more than double to Rs. 280 per kg in one year, domestic trade wants export ban

· Exemption was introduced on 14 April 2022

[Notification No. 38/2022-Customs dated 4 July 2022]

Seeks to extend the exemption from BCD and AIDC upon import of Raw Cotton

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), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2022-Customs, dated the 13th April, 2022, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 297(E), dated the 13th April, 2022, namely: -

In the said notification, in paragraph 2, for the figures, letters and word “30th September, 2022”, the figures, letters and word “31st October, 2022” shall be substituted.

[F. No. CBIC-190354/288/2021-TRU]