Centre blinks on forex credit card: No tax at source for transactions below Rs 7 lakh
Now, with Friday's decision, the 20 per cent TCS rate is likely to be levied on card transactions beyond Rs 7 lakh.
Source: indianexpress.com
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Chief Economic Advisor writes: Tax on international credit card transactions is fair
Those claiming that tax on LRS is perverse miss the point, spread unnecessary panic
Source: indianexpress.com
Credit cards under LRS: Govt says will ensure parity in card use, aid domestic travel agents
The government had already begun levying 5 per cent TCS on overseas remittances and for sale of overseas tour packages.
Source: indianexpress.com
Credit card spend in forex to come under RBI's remittance scheme | Business News,The Indian Express
The Finance Ministry, in consultation with the RBI, has omitted Rule 7 of the Foreign Exchange Management (Current Account Transactions) Rules, 2000, thus effectively including forex spending through international credit cards under the LRS.
Source: indianexpress.com
Federal budget on June 9: Govt will fulfil all external obligations: Dar
Says there is a plan for foreign payments of $3.7 billion in May and June
Source: brecorder.com