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of <h1>Finance Act 1972: Excise Duty Rates Revised for Tobacco, Petroleum, Textiles; New Items Added.</h1> The Finance Act, 1972, Third Schedule, Part I, amends the Central Excises Act by revising duty rates for various items. Changes include specific duties per kilogram, quintal, kilolitre, or metric tonne, and ad valorem rates ranging from 10% to 75% for diverse goods such as tobacco, petroleum products, textiles, and other manufactured items. Part II introduces new items and modifies existing ones, including refined petroleum products, yarns, and textile fabrics, with specified duties. The amendments aim to standardize excise duties across different categories, reflecting changes in taxation policies for the specified goods.
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