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of <h1>Section 42 of Finance Act 1967: Temporary Excise Duty Up to 15% on Goods to Regulate Consumption and Promote Efficiency</h1> Section 42 of the Finance (No. 2) Act, 1967, authorizes the Central Government to levy a regulatory duty of excise, not exceeding 15% of the value, on goods listed in the Central Excises Act. This duty aims to regulate consumption and promote economic efficiency. Different rates and dates may apply to different goods. The provision is temporary, ceasing after May 15, 1968, except for actions taken before this date. These duties are additional to existing excise duties and are for Union purposes only. The Central Excises Act's provisions, including refunds and exemptions, apply to these duties. Notifications must be presented to Parliament.
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