Eyeing luxury? These items will now attract 1% TCS

Images: Shutterstock [{ "selector": ".rfgng-a", "duration": "500ms", "fill": "forwards", "delay": "750ms", "keyframes": [ {"offset": 0, "opacity": 0, "visibility" :"visible"}, {"offset": 1, "opacity": "1", "visibility" :"visible"} ] }, { "selector": ".eqozi-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "opacity": 0, "visibility" :"visible"}, {"offset": 1, "opacity": "1", "visibility" :"visible"} ] }]

The Central Board of Direct Taxes (CBDT) has expanded the scope of tax on luxury goods exceeding ₹10 lakh for the collection of tax collected at source (TCS).

Sellers will now be responsible for collecting tax from buyers for purchases of certain goods over ₹10 lakh at the time of payment. The new rule came into effect on April 22.

Previously, this rule was only applicable to motor vehicles exceeding ₹10 lakh. Let's look at the list of items above ₹10 lakh that will now attract 1% TCS.

Any art piece

Like antiques, paintings and sculptures

Any collectibles

Like coins and stamps

Any yacht, rowing boats, canoes and helicopters

Any wristwatch

Any pair of sunglasses

Any bag

Like handbags and purses

Any pair of shoes

Any sportswear and equipment

Like golf kit and ski-wear

Any home theatre system

Any horse for horse racing in race clubs and horse for polo

Forbes countries with most billionaires 2025

Thanks for reading! See next Read Now