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of <h1>Customs Duty on Imported Garments: Charge Based on Transaction Value, Not Retail Price, per Customs Act Clarification.</h1> The circular clarifies the basis for levying additional Customs duty (CVD) on imported readymade garments. It states that CVD should be charged based on the transaction value, which includes the C.I.F. price plus landing charges, rather than the Maximum Retail Price (M.R.P.) or Retail Sale Price (R.S.P.). This clarification follows the Customs Tariff Act, 1975, and the Customs Act, 1962, which specify that imported goods are subject to CVD based on transaction value unless a tariff value is prescribed. Readymade garments are not listed for CVD based on retail sale price under the relevant notification.
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