Seeks Parity with Debit and Credit Cards
Mumbai, Maharashtra, India The foreign exchange Industry has expressed serious concerns about the applicability of 20% Tax Collection at Source (TCS) under the Liberalized Remittance Scheme (LRS) effective from July 1, 2023. On 19th May, 2023, Ministry of Finance clarified that transactions conducted overseas using debit and credit cards would be exempted from TCS up to a small value of Rs. 7 lacs per financial year. However, there was no specific clarification provided regarding small value…