20% TCS will not be applicable on international credit and debit card upto Rs seven lakh: Govt
Image Credit: TOI
The Central Government today gave a major relief to taxpayers by waiving off 20% TCS on International Credit and Debit Card usage. Responding to concerns of taxpayers over the imposition of 20% TCS on International Credit Card and Debit Card transactions under the Liberalised Remittance Scheme (LRS) from July 1, the Finance Ministry said no TCS would be collected on small transactions up to Rs 7 lakh.