India expands TCS scope, covers luxury goods over $11,714
India’s Central Board of Direct Taxes has expanded the scope of tax collected at source (TCS) to encompass a wider range of luxury goods priced over ₹1 million (~$11,714.03) This list of luxury goods includes handbags, purses, shoes and sportswear and equipment like golf kits, ski gear. Sellers are now mandated to collect this 1-per cent TCS from buyers at the time of purchase beginning April 22.
India’s Central Board of Direct Taxes has expanded the scope of tax collected at source (TCS) to encompass a wider range of luxury goods priced over ₹1 million (~$11,714.03)
This list of luxury goods includes handbags, purses, shoes and sportswear and equipment like golf kits, ski gear.
Sellers are now mandated to collect this 1-per cent TCS from buyers at the time of purchase beginning April 22.
