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of <h1>Finance Bill 2016: Changes to Customs & Excise Duties on Textiles, Jewelry; New Compliance Procedures Effective March 1, 2016.</h1> The Finance Bill, 2016 introduces changes in Customs and Central Excise laws, including duty rates, effective from March 1, 2016. Key changes involve excise duties on textiles and jewelry, with optional levies based on conditions such as brand names and retail prices. Notifications detail specific duty adjustments across various goods, including textiles, jewelry, and certain electronics. The Bill also proposes amendments to several legislative acts, aiming to streamline processes and enhance compliance. New procedures for duty exemptions and simplified rules for manufacturers are outlined, with a focus on voluntary compliance and reduced administrative burdens for taxpayers.
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