The government had earlier this week brought overseas credit card spending under Liberalised Remittance Scheme (LRS). which meant that any spending using credit cards overseas would attract a 20% tax from July 1.
Agencies The government announced that no tax will be charged on overseas spending of up to Rs 7 lakh in a year using debit or credit as it looked to douse backlash from its earlier decision of levying TCS on all spending. The government had earlier this week brought overseas credit card spending under Liberalised
The government on Friday announced that no tax will be charged on overseas spending of up to Rs 7 lakh in a year using debit or credit as it looked to douse backlash from its earlier decision of levying TCS on all spending.
The government had earlier this week brought overseas credit card spending under Liberalised Remittance Scheme (LRS).
This meant that any spending using credit cards overseas would attract a 20 per cent tax from July 1.
The government on Friday announced that no tax will be charged on overseas spending of up to Rs 7 lakh in a year using debit or credit as it looked to douse backlash from its earlier decision of levying TCS on all spending.