20% TCS on Credit Card: Centre Announces 20% Tax Collection at Source on Credit Card Usage Outside India, Netizens Unhappy
The 20% TCS on International Credit Card spending outside India will come under the Liberalised Remittance Scheme (LRS) from May 16, 2023.
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.
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