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of <h1>Government Reduces Customs Duty on Specific Refractory Raw Materials Exceeding 55% Ad Valorem under Customs Act 1962</h1> The Central Government, under the authority of the Customs Act, 1962, has issued a notification exempting certain refractory raw materials from part of the customs duty. These materials, including chromite ore with specified compositions, fused magnesia, and various magnesia-based sinters, fall under Chapters 25, 26, 28, or 38 of the Customs Tariff Act, 1975. The exemption applies to the portion of the customs duty exceeding 55% ad valorem, as specified in the First Schedule of the Customs Tariff Act, reflecting a decision made in the public interest.
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