Amendment of First Schedule.
95. In the Customs Tariff Act, the First Schedule shall––
(i) be amended in the manner specified in the Second Schedule;
(ii) with effect from the 1st April, 2021, be also amended in the manner specified in the Third Schedule; and
(iii) with effect from the 1st January, 2022, be also amended in the manner specified in the Fourth Schedule.
Notes on Clauses:
Clause 95 of the Bill seeks to amend the First Schedule to the Customs Tariff Act, 1975, so as to ––
(i) revise the tariff rates in respect of certain tariff items in the manner specified in the Second Schedule with effect from the 2nd February, 2021;
(ii) amend certain tariff entries to align with the entries in the Fourth Schedule to the Central Excise Act in the manner specified in the Third Schedule with effect from the 1st April, 2021;
(iii) harmonise certain entries with Harmonised System of Nomenclature and to create new tariff lines in respect of certain entries in the manner specified in the Fourth Schedule with effect from the 1st January, 2022.
