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Tax Alert! 1% Tax On All Luxury Goods Priced Above Rs 10 Lakh --Check Complete List Of Items
The CBDT has said that luxury goods of value exceeding Rs10 lakh will attract TCS (tax collected at source).
The Central Board of Direct Taxes in its latest notification has said that 1 percent tax collected at source (TCS) will be levied on luxury goods --wrist watches, handbags, sunglasses, shoes, and sportswear-- costing over Rs 10 lakh. The rules will be applicable with immediate effect.
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The CBDT notification states that the tax on this list of luxury goods will be collected with effect from April 22, 2025.
1% TCS On luxury goods
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Here Are complete list of items on which 1 percent luxury tax will be levied
1. any wrist watch 2. any art piece such as antiques, painting, sculpture 3. any collectibles such as coin, stamp 4. any yacht, rowing boats, canoes, helicopters 5. any pair of sunglasses 6. any bag such as handbag, purse 7. any pair of shoes 8. any sportswear and equipment such as golf kit, ski-wear 9. any home theatre system 10. any horse for horse racing in race clubs and horse for polo
1% TCS On luxury goods
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CBDT said that TCS will be levied on sale of a single item of the goods of the nature specified in the above table which is of the value exceeding Rs 10 lakh.
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The TCS on luxury goods was announced in the July 2024 Budget. The Budget 2024 memorandum stated that the TCS on luxury goods will be applicable from January 1, 2025.
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The Union Budget 2024-25 had brought in an amendment under which sellers of motor vehicles priced at Rs 10 lakh or more any other goods specified by the Central government, would be expected to collect 1 per cent TCS from the buyer. However, the notification to implement the move had not been issued.
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