Government of India delays introduction of higher tax on foreign exchange transactions; there is no rate hike waiver
The Government of India has given more time to implement the revised rates of Withholding Tax (TCS) and credit card payments to the LRS system.
The Indian government has given more time to implement revised tax rates and include credit card payments on overseas remittances as part of the Liberalized Remittance Scheme (LRS).
The higher TCS rates will be applicable from October 1, 2023. The first entry date was July 1.
There will be no change in TCS tariff for all purposes under LRS and foreign tour packages irrespective of payment method per person and up to Rs.7 lakh per annum.
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