<h1>Luxury Goods Above Rs 10 Lakh Now Subject to 1% Tax Collected at Source to Track High-End Spending</h1> A new tax collection measure will impose a 1% Tax Collected at Source (TCS) on luxury goods priced above Rs 10 lakh, including items like handbags, watches, footwear, and sportswear. Introduced in the Finance Act, 2024, the provision aims to enhance monitoring of high-value discretionary spending and improve financial transparency. Sellers must collect the tax, and buyers may experience increased documentation requirements during purchases.