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The central government and Reserve Bank of India have increased tax collection at source (TCS) on credit card usage outside India to 20%. This move is bound to make foreign travel more expensive. The 20% TCS on International Credit Card spending outside India will come under the Liberalised Remittance Scheme (LRS) from May 16, 2023. It is getting very strong pushback on social media. Elon Musk Caught Lying? Tesla CEO Never Donated USD 100 Million to ChatGPT-Creator OpenAI, Only USD 15 Million Can Be Traced, Says Report.
Brace yourselves for an additional 20% TCS on credit card transactions during your foreign escapades!Starting July 1, 2023, Tax Collected at Source (TCS) will impact your wallet when exploring the world.
— Dr. Mukul Agrawal (@themukulagrawal) May 18, 2023
Earlier TCS was 5% & credit card spend was exempted.…
— Aveek Mitra (@aveekmitra) May 18, 2023
Dear @nsitharaman - TCS on international use of credit cards is not something you should go ahead with. It impacts a lot of business travelers who spend on behalf of the company. It serves no purpose with TCS on the employees name and it can't be on company name!
1/N
— Ajay Rotti (@ajayrotti) May 17, 2023
20% TCS on credit card use outside India.
The biggest risk to India story is Finance think tank. Keep changing taxes n increase burden on the same 4-5 cr people who pay tax -thru STT, capital gain, dividend, TCS, angel tax, fringe benefit tax etc
Speed breaker mindset- instead…
— Gurmeet Chadha (@connectgurmeet) May 18, 2023
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