Finance Act 1978 Updates Excise Duties: New Explanations, Duty Changes on Oils, Coal, Electricity, and Vehicle Parts.
The Finance Act, 1978, amends the Central Excises and Salt Act, 1944, by revising the First Schedule. Key changes include the introduction of new explanations for Items 8 and 10, excluding certain mineral and lubricating oils. Item 11A is updated to include base mineral and lubricating oils with a specified duty. New items, such as coal and electricity, are added with respective duties. Amendments to Items 18, 19III, 22(3), 22B, 34, and 34A adjust duties and definitions, particularly concerning motor vehicles, tractors, trailers, and their parts. Item 68's duty is revised to five percent ad valorem.
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