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of <h1>Finance Bill 2016: Customs Tariff Act Updates Tariff Rates, Classifications for Diamonds, Machinery & More, Chapters 27, 40-95</h1> The Third Schedule of the Finance Bill, 2016, amends the Customs Tariff Act by updating tariff rates and classifications across various chapters. Changes include updates to figures in Chapter 27, adjustments to tariff entries in Chapters 40, 58, 71, 76, 79, 84, 85, 90, and 95, with most tariff rates being set at 10% or 20%. Specific items such as laboratory-grown diamonds and various machinery and equipment items have revised tariff rates, reflecting changes in tax policy aimed at adjusting import duties on these goods.
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