Customs tariff amendments revise duty classifications and introduce standards and GI linked duty treatments across many headings. The Third Schedule to the Finance Act, 2022 amends the First Schedule of the Customs Tariff Act by substituting duty entries and descriptive entries for numerous tariff items and headings, inserting supplementary notes and definitions (including recognition of specified Geographical Indication varieties and references to latest standards), and introducing combined ad valorem and specific duty formulas and product level distinctions that reconfigure tariff coverage and duty incidence across multiple chapters.
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Customs tariff amendments revise duty classifications and introduce standards and GI linked duty treatments across many headings.
The Third Schedule to the Finance Act, 2022 amends the First Schedule of the Customs Tariff Act by substituting duty entries and descriptive entries for numerous tariff items and headings, inserting supplementary notes and definitions (including recognition of specified Geographical Indication varieties and references to latest standards), and introducing combined ad valorem and specific duty formulas and product level distinctions that reconfigure tariff coverage and duty incidence across multiple chapters.
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