Tariff value reduction lowers valuation for branded readymade garments and deems transaction value as tariff value in brand transfers. Tariff value for branded readymade garments is reduced from the earlier percentage of retail sale price to a lower percentage, changing the notional value for duty computation. Where goods bearing another person's brand are sold by a manufacturer to the brand owner and the retail sale price is not affixed, the transaction value of that transfer is deemed to be the tariff value; 'transaction value' has the meaning assigned under section 4 of the Central Excise Act, 1944.