India expands TCS scope, covers luxury goods over $11,714

CBDT has outlined ten categories that will be subject to the revised TCS rules.

Implemented from April 22, these goods now attract a 1-per cent TCS, a measure intended to improve income traceability and minimise tax evasion.

The TCS collected is later adjusted against the buyer’s total income tax liability when he files tax returns.

Sellers are now mandated to collect this 1-per cent TCS from buyers at the time of purchase and link it to the buyer's permanent account number.

ALCHEMPro News Desk (DS)