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of <h1>Customs Tariff Act 1975 Amendments: Increased Duties on Carbon Black, Plastics, Auto Parts; New Tariff Lines Added.</h1> The amendments to the First Schedule of the Customs Tariff Act, 1975, as outlined in the Finance Bill 2021, include changes in tariff rates for various commodities, effective from February 2, 2021. Basic Customs Duty rates have increased for items such as carbon black, plastic builder's ware, synthetic stones, compressors, and automobile parts, with rates rising from 5-12.5% to 15%. Additionally, new entries aligning with the Harmonized System Nomenclature 2022 are proposed, effective January 1, 2022, to accommodate evolving trade dynamics and technologies. New tariff lines for petroleum crude and other products under heading 2709 will be effective April 1, 2021.
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