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Government Postpones Tax Collection On Foreign Exchange, Offers Relief To Travellers |Latest Updates
Posted
June 29, 2023
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2:38Now PlayingIn a welcome move for travellers, the Indian government has announced that no tax will be collected at source (TCS) on foreign exchange transactions up to Rs. 7 lakh in a year. The decision also exempts credit card forex payments from TCS. The earlier plan to implement higher TCS rates from July 1, 2023, has been postponed to October 1, 2023. The decision comes after banks raised concerns about the readiness of their IT systems. The government's revision provides significant relief to individuals and addresses the concerns of credit card and travel companies. The execution by financial institutions remains to be seen.
#tcs #financeminstry #nirmalasitharaman #forex #tcsrates #economynews #financenews #mirrornow #latestupdates
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