A number of Luxurious Gadgets, Together with Watches, Sun shades, Costing Above Rs 10 Lakh To Appeal to 1% Tax Collected At Supply

New Delhi: A number of luxurious items costing above Rs 10 lakh will now appeal to Tax Collected at Supply (TCS) at 1 per cent.

As per an official notification, wrist watch, artwork piece (antiques, portray, sculpture), collectibles (coin, stamp), yacht, rowing boat, canoe, helicopter, sun shades, purse, purse, sneakers, sportswear and gear corresponding to golf package and ski put on, house theatre system, any horse for horse racing in race golf equipment and polo will appeal to such particular tax.

The notification shall take impact instantly. TCS, or Tax Collected at Supply, is a tax payable by the vendor however collected from the customer. “This transfer is a strategic step in the direction of enhancing tax transparency and monitoring high-value consumption tendencies, a transfer that aligns with world tendencies in tax surveillance and tax transparency,” Munjal Almoula, Head of Tax at consultancy agency BDO India. (