Why many high-end luxury items are set to become costlier
Wednesday, 23 April 2025 ()
Luxury goods exceeding Rs 10 lakh, including handbags, watches, art, and yachts, will now incur a 1% tax collected at source (TCS), effective from April 22. This measure, introduced in the Finance Act 2024, aims to enhance the income tax department's ability to track high-value purchases by mandating PAN details.
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