As per the announcement made in Budget 2023, the Tax Collected at Source (TCS) rate on foreign remittances, including bookings for tour packages, will rise sharply from 5 per cent to 20 per cent of the total transaction amount from July 1, 2023.
Not only foreign packages, but 20 per cent TCS rule will also apply to credit cards on international transactions. To provide a detailed explanation Mohit Kabra, Group CFO at MakeMyTrip talks with Business Today on what implications the new rule of 20 per cent TCS will have.
Vipul Garg: Good evening, everyone. We ll just give a minute for everyone to join and then we will start. Hello, everyone. I m Vipul Garg, Vice President of Investor Relations at MakeMyTrip Limited.
Its revenue stood at $170.5 million for the quarter, against $115 million in Q3 FY22, while adjusted operating profit rose from $13.2 million to $19.7 million