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of <h1>Finance Act, 1974: Central Govt Can Alter Preferential Tariff Rates for Trade Interests; New Rate for Item 22(4) Set.</h1> The amendment to the Indian Tariff Act, 1934, introduced by the Finance Act, 1974, allows the Central Government to modify preferential rates on specified articles in the First Schedule. This can be done by issuing a notification in the Official Gazette if deemed necessary for trade interests, including export promotion. Such changes can include discontinuing, increasing, or decreasing rates, provided they do not exceed the standard rate. Notifications must be presented to Parliament promptly. Additionally, the amendment changes the tariff for Item No. 22(4) in the First Schedule to 'Rs. 80.00 per liter or 270 per cent ad valorem, whichever is higher.'
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