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of <h1>Finance Act, 1995 updates Customs Tariff Act: New tariff rates from nil to 290% on various goods and chapters.</h1> The Finance Act, 1995, amends the Customs Tariff Act by altering tariff rates across various chapters. The amendments involve substituting existing tariff rates with new percentages or specific amounts. For instance, Chapter 1 sees a change to a 50% tariff, while Chapter 4 adjusts rates to 40% and nil for specific sub-headings. Other chapters, such as 8, 9, 12, and 15, have multiple sub-heading adjustments, with rates ranging from nil to 290%. The changes affect a wide range of goods, including chemicals, textiles, machinery, and more, with most chapters seeing a standardization to a 50% tariff rate.
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