{"act":{"id":"finance-act-2016","short_title":"The Finance Act, 2016","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2016-2017.","act_number":null,"act_year":2016,"enact_date":"2016-06-27","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":276,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2016/"},"unit":"section","section":{"number":"Seventh Schedule","heading":"Seventh Schedule","text":"THE SEVENTH SCHEDULE [See section 146 (i)] In the First Schedule to the Central Excise Tariff Act,— (a) | in Chapter 22, for the entries in column (4) occurring against tariff items 2202 10 10, 2202 10 20 and 2202 10 90, the entry \"21%\" shall be substituted; (b) | in Chapter 24,— (i) | for the entries in column (4) occurring against tariff items 2401 10 10, 2401 10 20, 2401 10 30, 2401 10 40, 2401 10 50, 2401 10 60, 2401 10 70, 2401 10 80, 2401 10 90, 2401 20 10, 2401 20 20, 2401 20 30, 2401 20 40, 2401 20 50, 2401 20 60, 2401 20 70, 2401 20 80 and 2401 20 90, the entry \"64%\" shall be substituted; (ii) | for the entry in column (4) occurring against tariff items 2402 10 10 and 2402 10 20, the entry \"12.5% or Rs. 3755 per thousand whichever is higher\" shall be substituted; (iii) | for the entry in column (4) occurring against tariff item 2402 90 10, the entry \"Rs. 3755 per thousand\" shall be substituted; (iv) | for the entry in column (4) occurring against tariff items 2402 90 20 and 2402 90 90, the entry \"12.5% or Rs. 3755 per thousand, whichever is higher\" shall be substituted; (v) | for the entries in column (4) occurring against tariff items 2403 19 29, the entry \"Rs. 80 per thousand\" shall be substituted; (vi) | for the entries in column (4) occurring against tariff items 2403 99 10, 2403 99 30 and 2403 99 90, the entry \"81%\" shall be substituted. (c) | in Chapter 27, in the Supplementary Note,— (i) | in clause (e), for the figures \"1460:2000\", the figures \"1460:2005\" shall be substituted; (ii) | in clause (f), for the figures \"1460\", the figures \"15770:2008\" shall be substituted; (d) | in Chapter 58, in heading 5801,— (i) | in sub-heading 5801 37, the entry in column (2) \"- - - Warp pile fabrics, 'epingle' (uncut):\" shall be omitted; (ii) | for tariff items 5801 37 11 and 5801 37 19 and the entries relating thereto, the following shall be substituted, namely:— (1) | (2) | (3) | (4) \"5801 37 10 | - - - Warp pile fabrics, uncut | m² | 12.5%\"; (e) | in Chapter 71, in heading 7104, for the tariff item 7104 90 00 and the entries relating thereto, the following shall be substituted, namely:— (1) | (2) | (3) | (4) \"7104 90 | - Other: 7104 90 10 | - - - Laboratory-created or laboratory grown or manmade or cultured or synthetic diamonds | c/k | 12.5% 7104 90 90 | - - - Other | kg. | 12.5%\"; (f) | in Chapter 85, in heading 8525, the tariff item 8525 50 50 and the entries relating thereto shall be omitted.","html":"

THE SEVENTH SCHEDULE

[See section 146 (i)]

In the First Schedule to the Central Excise Tariff Act,—

(a)in Chapter 22, for the entries in column (4) occurring against tariff items 2202 10 10, 2202 10 20 and 2202 10 90, the entry \"21%\" shall be substituted;
(b)in Chapter 24,—
(i)for the entries in column (4) occurring against tariff items 2401 10 10, 2401 10 20, 2401 10 30, 2401 10 40, 2401 10 50, 2401 10 60, 2401 10 70, 2401 10 80, 2401 10 90, 2401 20 10, 2401 20 20, 2401 20 30, 2401 20 40, 2401 20 50, 2401 20 60, 2401 20 70, 2401 20 80 and 2401 20 90, the entry \"64%\" shall be substituted;
(ii)for the entry in column (4) occurring against tariff items 2402 10 10 and 2402 10 20, the entry \"12.5% or Rs. 3755 per thousand whichever is higher\" shall be substituted;
(iii)for the entry in column (4) occurring against tariff item 2402 90 10, the entry \"Rs. 3755 per thousand\" shall be substituted;
(iv)for the entry in column (4) occurring against tariff items 2402 90 20 and 2402 90 90, the entry \"12.5% or Rs. 3755 per thousand, whichever is higher\" shall be substituted;
(v)for the entries in column (4) occurring against tariff items 2403 19 29, the entry \"Rs. 80 per thousand\" shall be substituted;
(vi)for the entries in column (4) occurring against tariff items 2403 99 10, 2403 99 30 and 2403 99 90, the entry \"81%\" shall be substituted.
(c)in Chapter 27, in the Supplementary Note,—
(i)in clause (e), for the figures \"1460:2000\", the figures \"1460:2005\" shall be substituted;
(ii)in clause (f), for the figures \"1460\", the figures \"15770:2008\" shall be substituted;
(d)in Chapter 58, in heading 5801,—
(i)in sub-heading 5801 37, the entry in column (2) \"- - - Warp pile fabrics, 'epingle' (uncut):\" shall be omitted;
(ii)for tariff items 5801 37 11 and 5801 37 19 and the entries relating thereto, the following shall be substituted, namely:—
(1)(2)(3)(4)
\"5801 37 10- - - Warp pile fabrics, uncutm²12.5%\";
(e)in Chapter 71, in heading 7104, for the tariff item 7104 90 00 and the entries relating thereto, the following shall be substituted, namely:—
(1)(2)(3)(4)
\"7104 90- Other:
7104 90 10- - - Laboratory-created or laboratory grown or manmade or cultured or synthetic diamondsc/k12.5%
7104 90 90- - - Otherkg.12.5%\";
(f)in Chapter 85, in heading 8525, the tariff item 8525 50 50 and the entries relating thereto shall be omitted.
","words":476,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/Seventh%20Schedule/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}