Several Luxury Items, Including Watches, Sunglasses, Costing Above Rs 10 Lakh To Attract 1% Tax Collected At Source

New Delhi: Several luxurious items costing above Rs 10 lakh will now draw in Tax Collected at Source (TCS) at 1 in line with cent.

As in line with an legitimate notification, wrist watch, artwork piece (antiques, portray, sculpture), collectibles (coin, stamp), yacht, rowing boat, canoe, helicopter, shades, purse, handbag, sneakers, sports wear and kit akin to golfing equipment and ski put on, house theatre machine, any horse for horse racing in race golf equipment and polo will draw in such particular tax.

The notification shall take impact right away. TCS, or Tax Collected at Source, is a tax payable by way of the vendor however gathered from the patron. “This move is a strategic step towards enhancing tax transparency and tracking high-value consumption trends, a move that aligns with global trends in tax surveillance and tax transparency,” Munjal Almoula, Head of Tax at consultancy company BDO India. (