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of <h1>Finance Act 2003 Update: New Duty Rates on Petroleum Oils, Polyester Yarn, and Motor Vehicles in Thirteenth Schedule Amendment.</h1> The Thirteenth Schedule of the Finance Act, 2003, amends the Seventh Schedule of the Finance Act, 2001, by adding new headings, sub-headings, and corresponding entries for various goods. These include petroleum oils, high tenacity yarn of polyesters, motor vehicles designed for transporting more than six but not more than twelve persons, and two-wheeled motor vehicles. The schedule specifies the rate of duty for these goods, with petroleum oils being taxed at Rs. 50 per tonne and other items, such as polyester yarns and certain motor vehicles, taxed at 1%.
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