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of <h1>Finance Act 1996 Updates Excise Duties: Tobacco, Textiles, Chemicals, Machinery See Key Changes and New Classifications</h1> The Finance (No. 2) Act, 1996, amends the Central Excise Tariff Act by revising duty rates and descriptions across various chapters. Key changes include adjustments in excise duties for goods such as tobaccos, textiles, chemicals, and machinery. For example, the duty on certain tobacco products is set at specific rates per thousand units, while several textile items see adjustments in percentage rates. The Act also introduces new sub-headings and modifies existing ones to clarify product classifications. Additionally, it specifies duty rates for certain goods, such as water, soaps, and machinery parts, to reflect updated taxation policies.
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