Luxury goods above Rs 10 lakh like Louis Vuitton handbag, Bulgari jewellery etc. to attract TCS from January 1, 2025

TCS on luxury goods, Budget 2024: The budget documents have proposed the levying of TCS (tax collected at source) on notified luxury goods from January 1, 2025. The list of luxury goods that will attract TCS will be notified by the central government. Currently, TCS is applicable on foreign remittances, foreign travel, motor vehicle etc.