tcs: No TCS on LRS transactions upto Rs 7 lakh via international debit, credit cards from July 1, 2023 – The Economic Times Video

tcs: No TCS on LRS transactions upto Rs 7 lakh via international debit, credit cards from July 1, 2023 – The Economic Times Video


Amid backlash and concerns over the 20 percent tax collection at source (TCS) on credit card spending outside India, the Ministry of Finance on Friday, May 19, clarified that no TCS will be levied on individual payments using international debit and credit cards of up to Rs 7 lakh in a financial year from July 1, 2023.



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Author: Shirley