An image decoding method according to the present document may comprise the steps of: receiving image information including residual information and an LFNST index from a bitstream; deriving a transform coefficient on the basis of the residual information; deriving a flag variable related to whether LFNST is applied to a current block on the basis of the LFNST index; and performing the LFNST on the basis of the flag variable and the transform coefficient, wherein the flag variable is derived for each color component of the current block.