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More high-value purchases to attract 1% TCS
The New Indian Express Bhubaneswar
|April 24, 2025
The tax department is now going to track high-value purchases above ₹10 lakh like wristwatches, art pieces, antiques, yachts, and collectibles by levying a 1% TCS on them.
The department has expanded the scope of tax collected at source (TCS) framework and brought in more high-value goods under its purview.
The new luxury items brought in under the purview of TCS include wrist watch, art objects such as paintings, sculptures, and antiques, collectible items including coins and stamps, yachts, helicopters, luxury handbags, sunglasses, footwear, high-end sportswear and equipment, home theatre systems, and horses intended for racing or polo.
This story is from the April 24, 2025 edition of The New Indian Express Bhubaneswar.
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