Imported Shuttleless Looms Receive Customs Duty Exemption
The Indian Ministry of Finance via a modified notification has provided custom duty exemption to various varieties of shuttleless weaving looms and their components.
The looms which have been granted custom duty exemption include shuttleless rapier looms, shuttleless waterjet looms, and shuttleless airjet looms with specific speed thresholds.
Additionally, parts and components used in the manufacturing of shuttleless looms are also included within this revised ambit.
The modified notification carries a significant change concerning the timeline of the exemption’s applicability.
The benefits outlined are valid until March 31, 2025. Beyond this date, the exemptions cease to be effective.
This timeline serves as a key marker for manufacturers and importers to assess their strategies regarding the import and utilisation of these looms.