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of <h1>Finance Bill 2016: Adjustments in Duty Rates for Cashew Nuts, Ethanol, Textiles; New Excise Duty on Garments & Jewellery.</h1> The Finance Bill, 2016 introduces changes in Customs and Central Excise laws and duty rates, effective from March 1, 2016. Key changes include adjustments in duty rates for various goods such as cashew nuts, ethanol, silica sand, iron ore, and textiles. Notably, an excise duty of 2% or 12.5% is applied to branded readymade garments priced above Rs. 1000, with increased tariff value from 30% to 60%. Similar duties are imposed on jewellery, with a higher exemption threshold. Legislative amendments aim to streamline customs processes, enhance compliance, and simplify rules. Stakeholders are encouraged to ensure smooth implementation and provide feedback on any challenges encountered.
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