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of <h1>Petrol Duty Set at One Rupee Per Litre Under Second Schedule of Finance (No. 2) Act, 1998, Sections 103(1) & 111(1).</h1> The Second Schedule of the Finance (No. 2) Act, 1998, outlines the rate of duty for various goods. Specifically, it sets the duty for motor spirit, commonly known as petrol, at one rupee per litre. This schedule is referenced in sections 103(1) and 111(1) of the Act, detailing taxation measures applicable to specified goods.
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