Category Ministry

TCS Rates for LRS and Overseas Tour Packages Postponed Until Oct 1

TCS On Foreign Travel
The Indian government has postponed the implementation of the increased TCS rates for remittances under the Liberalized Remittance Scheme (LRS) and for the purchase of overseas tour packages. The new rates were originally scheduled to take effect on July 1, 2023, but the government has decided to give more time for banks and card networks to put in place the necessary IT infrastructure.

No 20% TCS On International Card Transactions up to Rs 7 Lakh

No TCS On Small International Card Transactions
The Central Government of India has announced that individuals making international credit and debit card transactions up to Rs 7 lakh will be exempted from 20% Tax Collection at Source (TCS) under the Liberalised Remittance Scheme (LRS). This move comes in response to concerns raised by taxpayers and aims to provide clarity and ease the burden of compliance.