Centralisation of excise on petroleum and tobacco narrows State sales tax authority and affirms local entertainment tax limits. Amends the Seventh Schedule to assign duties of excise on petroleum crude, high speed diesel, motor spirit (petrol), natural gas, aviation turbine fuel and tobacco to the Union, omits certain prior entries, restricts State power to tax sales of those petroleum products and alcoholic liquor (excluding inter-State and international sales), and confines taxes on entertainments and amusements to amounts levied and collected by local bodies.