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of <h1>Finance Act 1981: New Duty Rates on Steel and Mechanical Components Under Customs Tariff Act, Including 300% on Stainless Steel.</h1> The Second Schedule of the Finance Act, 1981, amends the Customs Tariff Act by revising headings and duty rates for specific steel and mechanical components. For Heading No. 73.15, it introduces a 60% duty rate for alloy and high carbon steel not specified elsewhere and a 300% duty rate for stainless steel coils, bars, rods, strips, sheets, and plates. For Heading No. 84.63, it sets a 60% duty on unspecified transmission components and a 100% duty on plain shaft bearings, with or without housings. These changes affect the standard and preferential duty rates.
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