Finance, Property, Contracts
Taxes/duties/cesses/fees lawfully levied by a state or local authority immediately before the Constitution's commencement may continue to be levied for the same purposes - even if the subject is actually listed in the Union List - until Parliament legislates otherwise.
This is a transitional "grandfather clause" protecting pre-existing state/local taxes from suddenly becoming invalid in 1950 purely because the Constitution's new Union/State List division happened to reassign that subject to the Union - giving continuity until Parliament actively decides to change the arrangement.
This kind of provision prevented an abrupt revenue disruption for states and local bodies at independence, by letting pre-existing lawful local taxes continue rather than automatically lapsing overnight due to the new constitutional list division.