The Travel Agents Association of India (TAAI) has appealed to the Indian government to abolish or defer the implementation of the new Tax Collection at Source (TCS) on foreign remittances until the next fiscal year. The TCS, which has been raised from 5% to 20% on foreign remittances under the Liberalised Remittance Scheme, will be applicable to international travel and other remittances.
GoFirst s employees are concerned about their salaries if they stick with the airline through its insolvency resolution process, while its lessors are concerned about their lease payments and have even approached the National Company Law Appellate Tribunal (NCLAT) to contest the order by the NCLT.