- India’s Central Board of Direct Taxes (CBDT) has issued Notifications No. 35/2025 and No. 36/2025, effective April 22, 2025, listing luxury goods subject to a 1% tax collection at source (TCS) for items valued over INR 1 million.
- The included luxury goods are diverse and encompass wristwatches, art pieces (antiques, paintings, sculptures), collectibles (coins, stamps), yachts, sunglasses, handbags, shoes, sports equipment, home theatre systems, and horses used for racing and polo.
- This new TCS requirement adds to existing regulations for motor vehicles valued over INR 1 million, and the CBDT has provided FAQs to clarify the details of Notification No. 36/2025.
Source Orbitax
Latest Posts in "India"
- CESTAT Rules Preloaded Software Must Be Included in Customs Valuation of Navigation Devices
- India’s GST Overhaul: Key Insights on October 2025 Tax Rate Changes and Implications
- GST Council Eases Compliance: Credit Notes No Longer Tied to Invoices, Benefits FMCG Sector
- FM Sitharaman Confirms GST Rate Cut Implementation on September 22, 2025
- Government Reduces GST Across Sectors, Prices to Drop from September 22, Boosting Consumer Demand
