DelhiDesk The Indian government has announced that there will be no tax charged on overseas spending of up to INR 7 lakh (~$9,300) in a year using debit or credit cards. The move comes after the government faced backlash over its decision to levy a 20% tax collected at source on overseas credit card spending from 1 July 2023. The tax will still apply to payments exceeding INR 7 lakh made using international credit and debit cards, as well as foreign remittances under the Liberalized Remittance Scheme (LRS) from 1 July 2023. However, expenses related to overseas medical treatment and education up to INR 7 lakh per year will continue to be exempted from the tax.
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Here is the news bullets sorted by DelhiBreakings.com team.
– No tax on overseas spending up to ₹7 lakh using debit/credit cards
– Payments exceeding ₹7 lakh a year through international cards subject to 20% TCS levy from July 1, 2023
– TCS on LRS 2023 increased from 5% to 20% for foreign remittances (except for education and medical purposes)
– Existing TCS exemption for education and health payments to continue
– Overseas credit card spending brought under Liberalized Remittance Scheme (LRS)
– Criticism over TCS levy on foreign travel and credit card spending
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