20% TCS On International Credit Card Usage: What Is Tax Collection At Source? Watch Here
Zee Business Video Team | Updated: May 19, 2023 06:43 AM IST
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.
