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<h1>Finance Act 2017 amends Central Excise Tariff, reducing rates for specific Chapter 87 items from 27% to 12.5%.</h1> In the Central Excise Tariff Act, the First Schedule has been retrospectively amended by the Finance Act, 2017. Specifically, in Chapter 87, the tariff rate for items 8702 90 21, 8702 90 22, 8702 90 28, and 8702 90 29 in column (4) has been changed from '27%' to '12.5%.' This amendment is effective retroactively from January 1, 2017.