TCS implementation deadline extended on credit card spending abroad

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New Delhi: New rules have been issued by the Finance Ministry amid confusion over the implementation of TCS on credit cards. The rules applicable from July 1 on credit card spending abroad will now apply from October 1.

The government, through an e-Gazette notification dated May 16, 2023, notified the Foreign Exchange Management (Current Account Transactions) Rules with a view to removing differential treatment for credit cards as compared to other means of withdrawing foreign exchange under the LRS.

The government has given more time to implement the revised TCS rates and include credit card payments in the liberalized remittance scheme. Whereas, for all purposes under LRS and for tour packages relating to foreign travel, irrespective of mode of payment, per person per annum Rs. There will be no change in TCS rates for amounts up to 7 lakhs.

This year's budget announced some changes in the system of tax collection at source (TCS) on payments under LRS and program packages related to foreign travel. These changes were to be implemented from 1 July 2023. However, now its deadline has been extended.


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