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of <h1>Finance Act 1981 Revises Excise Duties on Medicinal and Toilet Preparations; Alcohol Content Influences Tax Rates.</h1> The Fourth Schedule of the Finance Act, 1981, amends the Medicinal and Toilet Preparations (Excise Duties) Act, 1955, detailing excise duties on various medicinal and toilet preparations. Allopathic medicinal preparations containing alcohol are taxed at varying rates depending on their potential for consumption as alcoholic beverages and their composition. Ayurvedic and other indigenous medicinal preparations have different rates, with some exempt from duty. Homoeopathic preparations containing alcohol are taxed at a specific rate, while toilet preparations containing alcohol or narcotics are taxed at the higher of sixty percent ad valorem or a fixed rate per litre of pure alcohol content. Definitions and valuation methods are provided for clarity.
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