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Taxing High-Value Purchases: Government Categorises Yachts, Horses And More As ‘Luxury Goods’
The government has mandated sellers to collect 1% TCS on certain luxury goods exceeding Rs 10 lakh.
23 Apr 2025, 11:27 AM IST 
Sellers must now collect 1% TCS on luxury goods exceeding Rs 10 lakh under the government’s revised tax notification, aimed at regulating high-value retail transactions. (Photo: NDTV Profit)
The government expanded the scope of tax on high-value purchases to track luxury spending and ensure that transactions above Rs 10 lakh are reported in income tax returns. The responsibility to collect the tax lies with the seller.The centre notified a range of luxury items under the ambit of tax collected at source in a move aimed at widening the tax base and capturing high-end discretionary spending, according to a notification on ...
