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of <h1>Finance Act 1964 Amends Excise Duties Act 1955: Redefines 'Opium,' Updates Excise Duties on Medicinal and Toilet Preparations</h1> The Finance Act of 1964 amends the Medicinal and Toilet Preparations (Excise Duties) Act, 1955. The amendment redefines 'opium' to include poppy capsules and derivatives. It updates the Schedule, detailing excise duties on various medicinal and toilet preparations. Allopathic medicinal preparations containing alcohol are taxed based on their potential as beverages, with rates varying by type. Ayurvedic and other indigenous medicinal systems are taxed differently, with some exemptions. Homoeopathic preparations and toilet preparations containing alcohol or narcotics are subject to specific duties. The act clarifies definitions and valuation methods for duty assessment, including the concept of 'London proof spirit.'
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