New Delhi: The finance ministry also clarified that for overseas remittances upto ₹700,000, no TCS will apply except in the case of buying tour packages, which will continue to attract 5% TCS and not 20% as per the plan originally announced in the budget which was to take effect from 1 July.
The relief comes after experts and banks raised their concerns about increased compliance burden. Besides, to implement the TCS provisions, especially in the case of credit card use abroad, banks needed to rework their systems.
Diese Geschichte stammt aus der June 29, 2023-Ausgabe von Mint Mumbai.
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Diese Geschichte stammt aus der June 29, 2023-Ausgabe von Mint Mumbai.
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