Transaction value determines customs valuation and requires truthful import declarations under sequential valuation rules for imports and exports. Customs valuation follows a transaction value-based regime: the value is the price actually paid or payable for goods sold for export to or from India when buyer and seller are unrelated and price is sole consideration; for imports the transaction value includes specified additions such as commissions, royalties, transport, insurance and handling as prescribed. Rules must govern relatedness, valuation when no sale or related parties exist or price is not sole consideration, and procedures for accepting or rejecting declared values. Importers must truthfully declare value, provide invoices and a valuation declaration, and use the exchange rate in force on presentation of customs documentation.