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of <h1>Finance Act 1988: Changes to Excise Duties for Cotton Fabrics, Differentiating Handloom and Non-Handloom Processes.</h1> The Fourth Schedule of the Finance Act, 1988, amends the Additional Duties of Excise Act by omitting certain sub-headings and renumbering others related to cotton fabrics. It introduces new headings for cotton fabrics, specifying duties based on processes such as bleaching, dyeing, and printing. For fabrics woven on non-handlooms, a 50% duty is applied, while handloom fabrics have varying duties: 50% for non-powered processes, 40% for processes by government-approved independent processors, and no duty for those processed by registered handloom cooperatives. Duties depend on yarn count and fabric value per square meter.
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