DelhiDesk The Union budget 2023 has announced an increase in the TCS rate on foreign remittances made under LRS from the current 5% to 20%, effective from 1 July. This move is aimed at boosting the government’s revenue by collecting more tax from individuals who make large remittances abroad. The increase in TCS rate is expected to impact those sending money abroad for education, medical treatment, and investment purposes. The government has also proposed several other measures to boost the economy, including increasing infrastructure spending, reducing corporate tax rates, and simplifying tax laws.
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Here is the news bullets sorted by DelhiBreakings.com team.
👉 The Union budget 2023 has increased the TCS rate on foreign remittances made under LRS.
👉 The existing rate of 5% has been increased to 20%, wef 1 July.
👉 This change will impact all individuals who make foreign remittances under LRS.
👉 The increased TCS rate will help the government increase its revenue.
👉 The move is aimed at curbing excessive foreign remittances and promoting domestic investments.
👉 The government believes that this will help boost the Indian economy in the long run.
👉 The increased TCS rate is expected to bring in additional revenue of several billion rupees for the government.
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