You too must have a credit card of some or the other bank and you too must be doing things from shopping with this card to paying bills and even traveling and spending abroad. In such a situation, now if you use international credit card while traveling abroad, then the government has given a big relief to the credit card users.
Earlier, the government was going to implement a new rule regarding credit cards from July 1, under which there was a provision to levy TCS fee from July 1, 2023, on credit card spending abroad. Under this, if you spend 7 lakh or more abroad with a credit card, then you would have to pay 20 percent TCS. But now the government has postponed it for three months.
Now the government has decided to implement it from October 1. In the Finance Bill 2023, under the Liberalized Remittance Scheme, the government had increased TCS from five per cent to 20 per cent on sending money from India to any other country except for education and medical, as well as buying foreign travel packages.
Amarnath Yatra 2023 schedule announced: Pilgrimage to commence on July 1
