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of <h1>Finance Act 1992: Excise Duty Changes in Chapters 18, 21, 22, 24, 27, 34, 40, and Terminology Updates.</h1> The Third Schedule of the Finance Act, 1992, outlines amendments to the Central Excise Tariff Act. Key changes include adjustments in duty rates and descriptions across various chapters. For instance, Chapter 18 sees a substitution to a 25% duty rate, while Chapter 21's rate changes to 50%. Chapter 22 omits the term 'glass,' and Chapter 24 increases the duty from Rs. 500 to Rs. 600. Several chapters, such as 27, 34, and 40, revise duty rates per tonne. Additionally, specific terminologies are updated, such as replacing 'metallic' with 'metal' in Chapter 28, and revising product descriptions across multiple chapters.
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