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of <h1>Finance Act 2001: Excise Duty Revised to 16% for Tobacco Products; Several Sub-headings Omitted.</h1> The Fifth Schedule of the Finance Act, 2001, amends the Central Excise Tariff Act by revising the duty rates for specific sub-headings. In Part I, the schedule mandates replacing the existing duty rate with '16%' for various sub-headings. Part II specifies changes in the Second Schedule, including setting a 16% excise duty for chewing tobacco and pan masala containing tobacco under sub-headings 2404.41 and 2404.49. Additionally, several sub-headings across different headings, such as 57.02, 57.03, 59.04, 59.05, 59.07, 69.05, 69.06, 87.11, and 94.04, are omitted from the schedule.
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