Wealth tax schedule omission removes a prior statutory list of specified industrial and manufactured goods from the tax framework.

Schedule II of the Wealth-tax Act, 1957 was omitted by the Finance Act, 1992 with effect from April first, nineteen ninety-three. Before omission, Schedule II-inserted by the Finance Act, 1976-listed nineteen categories of industrial and manufactured goods, including metals and alloys, boilers, prime movers, electrical equipment, industrial machinery and machine tools, agricultural and earth-moving machinery, instruments, specified fertilisers and chemicals, pharmaceuticals, paper and pulp, tyres, plate glass, ceramics and certain cement products.

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