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of <h1>Finance Act 1985: Excise Duty Overhaul with New Rates for Chemicals, Textiles, and More in Third Schedule.</h1> The Third Schedule of the Finance Act, 1985, outlines amendments to the Central Excises Act. Key changes include reclassification and rate adjustments for various items. Inorganic chemicals are specified, and duty rates are revised for items like textiles, tyres, and glassware. New entries for organic chemicals and gases are introduced with specific ad valorem rates. The schedule also details new duty rates for pan masala, cosmetics, and travel goods. These amendments aim to update the excise duty structure, reflecting changes in product classifications and applicable tax rates.
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