The credit card issuer will collect the tax when the bill is settled in rupees and can be adjusted against the cardholder’s tax liability when paying taxes.
While the salaried class may have to wait till the time of filing returns, professionals can use this credit to set off their advance tax liability met on a quarterly basis, experts said.
Experts also said the TCS requirement could lead to a cash flow issue for people travelling abroad. The inclusion of overseas use of credit cards within the purview of the Reserve Bank of India’s liberalized remittance scheme, which attracts TCS, is effective from 16 May. Currently, the TCS rates range from 0.5% to 5%.
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