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of <h1>Finance Act 2016: Excise Tariff Overhaul with New Rates and Classifications for Goods Like Seafood, Machinery, Vehicles</h1> The Eighth Schedule of the Finance Act, 2016, amends the Central Excise Tariff Act, 1985, by revising tariff classifications and rates for various goods. Key changes include updates to the tariff items for fish and seafood, with many categories now attracting no excise duty. Amendments also cover chemical compounds, textiles, machinery, vehicles, and other goods, adjusting duty rates and descriptions. New sub-headings and tariff items have been introduced for specific products, while others have been reclassified or omitted. The revisions aim to align with international standards and simplify the tariff structure, impacting import and export duties.
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