In respect of goods classified under Chapters 61, 62 and 63, the rate of tax for goods of sale value not exceeding Rs.1000/- is 5% and for those exceeding Rs.1000/- is 12%. Is this value transaction value or MRP?

As per the rate schedule, all goods of sale value not
exceeding Rs.1000/- per piece would be taxed at 5% and the
goods of sale value exceeding Rs.1000/- per piece would be
taxed at 12%. Therefore, it is the sale value i.e. the transaction
value on which the tax has to be paid and not the MRP.