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of <h1>Finance Bill 2022-23: Customs Tariff Act Amendments Raise Duties on Microbial Fats, Umbrellas, Jewelry; Solar Rates Unchanged.</h1> The amendments to the Customs Tariff Act, 1975, as outlined in the Finance Bill 2022-23, involve changes in tariff rates for various goods. Effective from February 2, 2022, certain items such as microbial fats, umbrellas, and imitation jewelry will see increased basic customs duties. Other items, including solar cells and modules, will maintain current rates until March 31, 2022. Additionally, from May 1, 2022, tariff rate changes will simplify the customs structure without altering effective duty rates for some commodities. New tariff entries will align with the Harmonized System 2022, enhancing clarity and supporting exports and identification of specific goods.
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