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of <h1>Finance Act 2023: Customs Tariff Adjustments in Chapters 40, 71, 88, and 98 Affecting Duty Rates and Descriptions.</h1> The Finance Act, 2023, amends the Customs Tariff Act by adjusting tariff rates and descriptions in various chapters. In Chapter 40, the tariff rate for item 4011 30 00 is changed to 2.5%. In Chapter 71, several tariff items now have a rate of 10%. Chapter 88 sees a change to 2.5% for specific items. Chapter 98 updates descriptions for power projects, excluding solar power plants or projects, and modifies tariff items 9801 00 13 and 9801 00 19 to reflect this exclusion. These changes impact customs duties on specified goods.
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