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of <h1>Central Government Amends Customs Valuation Rules: Rule 3 Updated for Transaction Value, New Clauses Added to Rule 4</h1> The Central Government, exercising its powers under the Customs Act, 1962, has amended the Customs Valuation (Determination of Price of Imported Goods) Rules, 1988, effective upon publication in the Official Gazette. The amendments include replacing Rule 3 to specify that the value of imported goods should be the transaction value, subject to certain conditions. If this value cannot be determined, other rules will be applied sequentially. Additionally, new clauses have been added to Rule 4, ensuring sales occur under competitive conditions without abnormal discounts, and adjustments to transaction values are based on objective data.
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