Luxury goods above Rs 10L to attract 1% TCS

Luxury goods like handbags, wrist watches, footwear and sportswear, priced above Rs 10 lakh will now attract a 1 per cent Tax Collected at Source (TCS). The Income Tax Department has notified the applicability of TCS at the rate of...

PTI

New Delhi, Updated At : 03:46 AM Apr 24, 2025 IST

Luxury goods like handbags, wrist watches, footwear and sportswear, priced above Rs 10 lakh will now attract a 1 per cent Tax Collected at Source (TCS).

The Income Tax Department has notified the applicability of TCS at the rate of 1 per cent on sale of specified luxury goods, where the selling price exceeds Rs 10 lakh with effect from April 22. The TCS provision for luxury goods was introduced via Finance Act, 2024, as part of the Budget.

Luxury goods above Rs 10L to attract 1% TCS

PTI

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