Budget 2024: Price tags get heavier for luxe products

The Indian government is proposing a 1% tax collected at source (TCS) on luxury products like watches, handbags, and high-end televisions priced over ₹10 lakh. This move is aimed at tracking high-value expenses and widening the tax net. Retailers and market experts believe the tax will not impact sales, as luxury is booming in the country.