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of <h1>Section 34 of the Finance Act, 1970, allowed temporary excise duties up to 15% to boost economic consumption.</h1> Section 34 of the Finance Act, 1970, outlines the imposition of regulatory excise duties to promote economic consumption. The Central Government is authorized to levy these duties on goods listed in the First Schedule to the Central Excises Act, with rates not exceeding 15% of the goods' value. Different rates and dates may be specified for different goods. This provision ceased on May 15, 1971, except for actions taken before that date. These duties are additional to existing excise duties and are not shared with states. Relevant provisions of the Central Excises Act apply to these duties, and notifications must be presented to Parliament.
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