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of <h1>Finance Bill 2025: Customs Tariff Act Updates Duty Rates, Reclassifies Goods, and Adds Supplementary Notes</h1> The Third Schedule of the Finance Bill, 2025, amends various tariff items under the Customs Tariff Act. Key changes include the introduction of supplementary notes for specific goods, adjustments in duty rates, and reclassification of certain items. For instance, the duty on semi-milled or wholly milled rice, including GI-recognized and Basmati rice, is set at 70%. Several tariff items in Chapters 15, 20, 25, 26, 27, 28, and others see modifications in duty rates, with some items marked as 'Free.' The schedule also specifies goods under certain tariff items and adjusts duty rates for various chemical and industrial products across numerous chapters.
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