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of <h1>Finance Act 1963 Amends Indian Tariff Act: New Provisions for Calculating Customs Duty on Imports, Adds Sub-section 1A</h1> The Finance Act of 1963 amends the Indian Tariff Act, 1934, specifically section 2A. It introduces provisions for calculating customs duty on imported articles, aligning it with excise duty levied on similar domestically manufactured items. If the excise duty is based on a percentage of the article's value, the customs duty will be calculated similarly. A new sub-section (1A) is added, detailing that the value of an imported article for duty calculation includes its determined value, any customs duty under section 12 of the Customs Act, 1962, and any additional charges applicable as customs duty. The First Schedule is also amended as specified in the Second Schedule.
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