{"act":{"id":"finance-act-2022","short_title":"The Finance Act, 2022","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2022-2023.","act_number":"6","act_year":2022,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":134,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2022/"},"unit":"section","section":{"number":"Second Schedule","heading":"Second Schedule","text":"THE SECOND SCHEDULE [See section 98(a)] In the First Schedule to the Customs Tariff Act,— Tariff Item | Description of goods | Unit | Rate of duty Standard | Preferential (1) | (2) | (3) | (4) | (5) (1) in Chapter 15, for the entry in column (4) occurring against tariff item 1516 30 00, the entry \"100%\" shall be substituted; (2) in Chapter 66, for the entry in column (4) occurring against all the tariff items of heading 6601, the entry \"20%\" shall be substituted; (3) in Chapter 71, for the entry in column (4) occurring against all the tariff items of heading 7117, the entry \"20% or Rs. 400 per kg., whichever is higher\" shall be substituted; (4) in Chapter 85,— (i) | for the entry in column (4) occurring against tariff items 8518 21 00, 8518 22 00, 8518 29 00, and 8518 30 00, the entry \"20%\" shall be substituted; (ii) | for tariff item 8524 11 00 and the entries relating thereto, the following shall be substituted, namely:— \"8524 11 00 | - - | Of liquid crystals 15% | - \"; (iii) | for the entry in column (4) occurring against tariff item 8541 42 00, the entry \"25%\" shall be substituted; (iv) | for the entry in column (4) occurring against tariff item 8541 43 00, the entry \"40%\" shall be substituted; (v) | for the entry in column (4) occurring against tariff item 8541 49 00, the entry \"40%\" shall be substituted; (5) in Chapter 90,-- (i) | for the entry in column (4) occurring against tariff item 9028 30 10, the entry \"25%\" shall be substituted; (ii) | for the entry in column (4) occurring against tariff item 9028 90 10, the entry \"20%\" shall be substituted.","html":"<p>THE SECOND SCHEDULE</p><p>[<i>See</i> section 98(<i>a</i>)]</p><p>In the First Schedule to the Customs Tariff Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>Tariff Item</td><td>Description of goods</td><td>Unit</td><td>Rate of duty</td></tr><tr><td></td><td></td><td></td><td>Standard</td><td>Preferential</td></tr><tr><td>(1)</td><td>(2)</td><td>(3)</td><td>(4)</td><td>(5)</td></tr></table></div><p><span class=\"num\">(1)</span> in Chapter 15, for the entry in column (4) occurring against tariff item 1516 30 00, the entry \"100%\" shall be substituted;</p><p><span class=\"num\">(2)</span> in Chapter 66, for the entry in column (4) occurring against all the tariff items of heading 6601, the entry \"20%\" shall be substituted;</p><p><span class=\"num\">(3)</span> in Chapter 71, for the entry in column (4) occurring against all the tariff items of heading 7117, the entry \"20% or Rs. 400 per kg., whichever is higher\" shall be substituted;</p><p><span class=\"num\">(4)</span> in Chapter 85,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>for the entry in column (4) occurring against tariff items 8518 21 00, 8518 22 00, 8518 29 00, and 8518 30 00, the entry \"20%\" shall be substituted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>for tariff item 8524 11 00 and the entries relating thereto, the following shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td>\"8524 11 00</td><td>- -</td><td>Of liquid crystals 15%</td><td>- \";</td><td></td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>iii</i>)</td><td></td><td>for the entry in column (4) occurring against tariff item 8541 42 00, the entry \"25%\" shall be substituted;</td></tr><tr><td>(<i>iv</i>)</td><td></td><td>for the entry in column (4) occurring against tariff item 8541 43 00, the entry \"40%\" shall be substituted;</td></tr><tr><td>(<i>v</i>)</td><td></td><td>for the entry in column (4) occurring against tariff item 8541 49 00, the entry \"40%\" shall be substituted;</td></tr></table></div><p><span class=\"num\">(5)</span> in Chapter 90,--</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>for the entry in column (4) occurring against tariff item 9028 30 10, the entry \"25%\" shall be substituted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>for the entry in column (4) occurring against tariff item 9028 90 10, the entry \"20%\" shall be substituted.</td></tr></table></div>","words":297,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2022/section/Second%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."}