3623295 - GST India: Configurations for TCS on Luxury Goods as per Section 206C in SAP S/4HANA Cloud Public Edition

• The Central Board of Direct Taxes (CBDT) has implemented TCS under section 206C of the Income-tax Act, 1961, on specified goods exceeding INR 1,000,000 (Notification S.O. 1825(E)). Affected goods include: wristwatches, art, collectibles, yachts, sunglasses, handbags, shoes, sportswear, home theatre systems, and horses for racing/polo.
  
  
• TCS of 1% will be applicable on goods whose sale value per item is INR 1,000,000 or more as per section 206C of the Income-tax Act, 1961.
  
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SAP S/4HANA Cloud Public Edition

GST, 206C, Luxury goods, watches, TCS, VA01, VL01N, VF01, JTC4, TCSGSAR, High value goods, Section 206C, TCS on luxury goods, India, FI-LOC-SD-IN. , KBA , FI-LOC-SD-IN , India (aka XX-CSC-IN-SD) , FI-LOC-LO-IN , India , Problem