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of <h1>Finance Act 1971 Updates Excise Duties; Revises Tax Rates for Goods Like Glucose, Petroleum, and Plastics</h1> The Finance (No. 2) Act of 1971 amends the Central Excises and Salt Act, 1944, by revising and introducing various items in the First Schedule, affecting indirect taxes. Key changes include new or revised tax rates on glucose, dextrose, maida, petroleum products, lubricating oils, chemicals, cosmetics, synthetic resins, plastic materials, motor vehicle parts, and several other goods. The amendments specify ad valorem rates and fixed charges for different categories, ranging from 6% to 40%, depending on the item. These changes aim to regulate excise duties on a wide array of products, impacting their taxation and classification.
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