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Several luxury goods costing above Rs 10 lakh will now attract Tax Collected at Source (TCS) at 1 per cent.
As per an official notification, wrist watch, art piece (antiques, painting, sculpture), collectibles (coin, stamp), yacht, rowing boat, canoe, helicopter, sunglasses, handbag, purse, shoes, sportswear and equipment such as golf kit and ski wear, home theatre system, any horse for horse racing in race clubs and polo will attract such special tax. The notification shall take effect immediately. TCS, or Tax Collected at Source, is a tax payable by the seller but collected from the buyer. "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 firm BDO India. (ANI)
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