Amendment of Schedule II

For the existing Schedule of the Principal Act, the following shall be substituted, namely:— "SCHEDULE II (See section 8) PART I S.No. (1) Description of goods (2) Rate of tax u/s 8(i) (%) (3) Rate of tax u/s 8(viii) (%) (4) 1 Articles of gold and silver including coin, bullion and specie 2 Gold, silver and platinum ornaments and jewelry of personal wear 3 Precious metals that is to say gold, silver, platinum, osmium, palladium, rhodium, ruthenium and alloy of any of them. Explanation:— For the purpose of this entry, an alloy of precious metal means a precious metal of fineness of not less than 50 percent 4 Precious stones such as diamonds, emeralds, rubies, pearls and sapphires whether sold loose or as forming part of any article in which they are set"