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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 2002 updates Customs Tariff: New rates for textiles, chemicals, machinery; mostly set at 30%, with exceptions.</h1> The Second Schedule of the Finance Act, 2002, amends the Customs Tariff Act by revising the tariff rates for various sub-headings across numerous chapters. The amendments primarily involve substituting existing tariff rates with new percentages, predominantly 30%, across multiple categories of goods. Certain exceptions apply, where different rates such as 40%, 15%, and specific monetary values per kilogram or square meter are introduced. These changes affect a wide range of goods, including textiles, chemicals, machinery, and more, reflecting an extensive overhaul of the customs tariff structure.
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