Finance Act 2016 Amends Central Excise Tariff: Key Changes in Chapters 22, 24, 58, 71, and 85

The Seventh Schedule of the Finance Act, 2016, amends the Central Excise Tariff Act, modifying tariff rates for various items. In Chapter 22, the tariff for specific items is set at 21%. Chapter 24 sees adjustments with tariffs ranging from 12.5% to 81% for different tobacco-related products. Chapter 27 updates references in supplementary notes. Chapter 58 removes certain entries and sets a 12.5% tariff for warp pile fabrics. Chapter 71 introduces a 12.5% tariff for synthetic diamonds and other items. Chapter 85 eliminates a specific tariff item.

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