{"act":{"id":"finance-act-2023","short_title":"The Finance Act, 2023","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2023-2024.","act_number":"8","act_year":2023,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":181,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2023/"},"unit":"section","section":{"number":"Second Schedule","heading":"Second Schedule","text":"THE SECOND SCHEDULE [See section 135 (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 29,— (i) | for the entry in column (4) occurring against tariff item 2902 50 00, the entry \"2.5%\" shall be substituted; (ii) | for the entry in column (4) occurring against tariff item 2903 21 00, the entry \"2.5%\" shall be substituted; (2) in Chapter 40, for the entry in column (4) occurring against all the tariff items of heading 4005, the entry \"25% or Rs. 30 per kg., whichever is lower\" shall be substituted; (3) in Chapter 71,— (i) | for the entry in column (4) occurring against all the tariff items of headings 7113 and 7114, the entry \"25%\" shall be substituted; (ii) | for the entry in column (4) occurring against all the tariff items of heading 7117, the entry \"25% or Rs. 600 per kg., whichever is higher\" shall be substituted; (4) in Chapter 84, for the entry in column (4) occurring against tariff item 8414 60 00, the entry \"15%\" shall be substituted; (5) in Chapter 87, for the entry in column (4) occurring against tariff item 8712 00 10, the entry \"35%\" shall be substituted; (6) in Chapter 95, for the entry in column (4) occurring against all the tariff items of heading 9503, the entry \"70%\" shall be substituted.","html":"<p><b>THE SECOND SCHEDULE</b></p><p>[<i>See</i> section 135 (<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 29,—</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 2902 50 00, the entry \"2.5%\" shall be substituted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>for the entry in column (4) occurring against tariff item 2903 21 00, the entry \"2.5%\" shall be substituted;</td></tr></table></div><p><span class=\"num\">(2)</span> in Chapter 40, for the entry in column (4) occurring against all the tariff items of heading 4005, the entry \"25% or Rs. 30 per kg., whichever is lower\" shall be substituted;</p><p><span class=\"num\">(3)</span> in Chapter 71,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>for the entry in column (4) occurring against all the tariff items of headings 7113 and 7114, 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 all the tariff items of heading 7117, the entry \"25% or Rs. 600 per kg., whichever is higher\" shall be substituted;</td></tr></table></div><p><span class=\"num\">(4)</span> in Chapter 84, for the entry in column (4) occurring against tariff item 8414 60 00, the entry \"15%\" shall be substituted;</p><p><span class=\"num\">(5)</span> in Chapter 87, for the entry in column (4) occurring against tariff item 8712 00 10, the entry \"35%\" shall be substituted;</p><p><span class=\"num\">(6)</span> in Chapter 95, for the entry in column (4) occurring against all the tariff items of heading 9503, the entry \"70%\" shall be substituted.</p>","words":250,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2023/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."}