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of <h1>Finance Act 2023: Customs Tariff Updates Include New Duty Rates for Chapters 29, 40, 71, 84, 87, and 95.</h1> The Second Schedule of the Finance Act, 2023, amends the Customs Tariff Act by updating the duty rates for various tariff items. In Chapter 29, the duty rate for items 2902 50 00 and 2903 21 00 is set at 2.5%. Chapter 40's heading 4005 items have a duty rate of 25% or Rs. 30 per kg, whichever is lower. Chapter 71's headings 7113 and 7114 have a 25% duty, while heading 7117 has a 25% or Rs. 600 per kg rate, whichever is higher. Chapter 84's item 8414 60 00 is set at 15%, Chapter 87's item 8712 00 10 at 35%, and Chapter 95's heading 9503 at 70%.
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