Pursuant to the powers conferred under Section 206C(1F)(ii) of the Income-tax Act, 1961, the Central Government has vide Notification No. 36/2025, dated 22nd April 2025 notified a list of specified luxury and lifestyle goods which shall be subject to Tax Collection at Source (TCS) where the value of such goods exceeds Rs. 10 lakh per transaction.

Key Items Notified:

The goods covered under this notification include, but are not limited to:

  • High-value wrist watches
  • Art pieces including antiques, paintings, and sculptures
  • Collectibles such as coins and stamps
  • Yachts, rowing boats, canoes, and helicopters
  • Sunglasses, handbags, purses, and shoes
  • Sportswear and equipment (e.g., golf kits, ski-wear)
  • Home theatre systems
  • Horses used for horse racing or polo

The provisions of this notification are effective from the date of its publication in the Official Gazette, i.e., 22nd April 2025.                                                            Suppliers of the above-listed goods would now be required to ensure timely compliance with the applicable TCS provisions. The TCS must be collected at the prescribed rate where the transaction value exceeds the specified threshold and duly reported in the TCS returns in accordance with Rule 31AA of the Income-tax Rules, 1962.

We trust you find the same useful.

RSM Astute Update CBDT Notifies Specified High-Value Goods Attracting TCS under Section 206C(1F).pdf