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

India’s Central Board of Direct Taxes has expanded the scope of tax collected at source (TCS) to encompass a wider range of luxury goods priced over ₹1 million (~$11,714.03)
This list of luxury goods includes handbags, purses, shoes and sportswear and equipment like golf kits, ski gear.
Sellers are now mandated to collect this 1-per cent TCS from buyers at the time of purchase beginning April 22.Read More