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of <h1>Amendment to Section 3 of Customs Tariff Act: Retail Price Calculation for Imported Goods Adjusted by Abatement</h1> Clause 61 of the Finance Bill, 2010 proposes an amendment to section 3 of the Customs Tariff Act, 1975. It aims to replace the first proviso in subsection (2), specifying that for imported articles required to declare a retail sale price under the Standards of Weights and Measures Act, 1976, the value is deemed to be the declared retail sale price minus any government-allowed abatement. This applies to goods specified by notifications under the Central Excise Act, 1944, and the Medicinal and Toilet Preparations (Excise Duties) Act, 1955. If multiple retail prices are declared, the highest price is considered.
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