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<h1>Finance Bill 2022: Amendments to Customs Tariff Act; Revised Rates and New Tariff Lines from February and May 2022.</h1> Clause 97 of the Finance Bill, 2022, proposes amendments to the First Schedule of the Customs Tariff Act, 1975. These amendments are outlined in two parts: (a) changes specified in the Second Schedule to revise rates for certain tariff items effective from February 2, 2022, and (b) changes specified in the Third Schedule to align certain entries with the Harmonised System of Nomenclature, create new tariff lines, and revise rates for certain items effective from May 1, 2022.