India 360: Credit Card Spends Outside India Will Attract 20% TCS - How Users May Be Impacted | EXPLAINED

The central government recently amended rules under the Foreign Exchange Management Act to bring international credit card spending under the Liberalised Remittance Scheme (LRS). As a result of the move, the spending by international credit cards will also end up attracting a higher rate of Tax Collected at Source (TCS) at 20%, effective July 1. Why your foreign trips will get costlier? How expensive has international shopping become after 20% TCS? Watch this special discussion with Deepak Dobhal.