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of <h1>CESTAT Rules Iron Ore Exports Assessed on Wet Metric Ton Basis, Reducing Customs Duty and Granting Refund.</h1> The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) ruled on the method for determining iron ('Fe') content in iron ore exports for customs duty calculation. The appellant, an iron ore exporter, argued for assessment on a Wet Metric Ton (WMT) basis, including moisture, as supported by a Supreme Court decision and a CBEC Circular. The Revenue contended for a Dry Metric Ton (DMT) basis due to contractual terms. CESTAT found the Deputy Commissioner's DMT-based assessment unsustainable, ruling that 'Fe' content should be on a WMT basis, reducing the duty from Rs. 300/- to Rs. 50/- per MT and entitling the appellant to a refund.
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