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<h1>Finance Bill 2017 Clause 119 proposes retroactive excise duty cut on specified motor vehicles to 12.5% from January 2017.</h1> Clause 119 of the Finance Bill, 2017, proposes a retrospective amendment to the Central Excise Tariff Act's First Schedule. It changes the excise duty rate from '27%' to '12.5%' for motor vehicles under tariff items 8702 90 21, 8702 90 22, 8702 90 28, and 8702 90 29. This amendment is effective from January 1, 2017.