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of <h1>Regulatory Excise Duties Imposed Under Section 40 of Finance Act 1968, Valid Until May 15, 1969, Notified to Parliament.</h1> Section 40 of the Finance Act, 1968, outlines the imposition of regulatory duties of excise on goods listed in the First Schedule to the Central Excises Act. The Central Government is authorized to specify the effective date and rate, not exceeding 15% of the goods' value. This provision was effective until May 15, 1969, with actions taken before this date remaining valid. These duties are additional to existing excise duties and are meant for Union purposes, not shared with States. The Central Excises Act's provisions, including those on refunds and exemptions, apply to these duties, and notifications must be presented to Parliament.
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