2025-04-24 01:56:48 pm | Source: BDO India
Expert inputs on New Tax Rules - Pay 1% additional tax on luxury goods by Munjal Almoula, Head of Tax, BDO India
Below the Expert inputs on New Tax Rules - Pay 1% additional tax on luxury goods by Munjal Almoula, Head of Tax, BDO India
"The much-anticipated notification on TCS on luxury goods brings clarity on scope and thresholds. Effective April 22, 2025, the levy applies to notified products exceeding Rs.10 lakh in value with tax applicable on the full transaction amount in excess of INR 10lakhs. This move is a strategic step towards enhancing tax transparency and tracking high-value consumption trends, a move that aligns with global trends in tax surveillance and tax transparency."
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