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of <h1>Customs Act Section 14: Valuation of Goods Includes Transaction Value, Commissions, Royalties, and Transportation Costs.</h1> Section 14 of the Customs Act, 1962, outlines the valuation of goods for customs purposes. The transaction value, or the price paid or payable for goods sold for export to or from India, is used as the basis for valuation, provided the buyer and seller are not related and price is the sole consideration. The section includes additional costs like commissions, royalties, and transportation in the transaction value. It also specifies conditions under which the buyer and seller are deemed related and the method to determine value if there is no sale or if the price is not the sole consideration. The Board may fix tariff values for certain goods if necessary.
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