It also deferred the implementation of a higher TCS rate up to 20% on foreign remittances under the LRS for various purposes through different modes, including tour expenses, by another three months. The new rates will kick in from October 1 instead of July 1, according to a finance ministry statement.
Responding to criticism by experts of the controversial tax that neither “overtly” served the purpose of raising revenue (as, in principle, the TCS was to be refunded) nor supported the government’s “ease of living” motto, the finance ministry deferred the implementation of revised rates on foreign remittances and suspended its decision to include credit card payments in the existing LRS limit of $250,000 a year, two people aware of the development said requesting anonymity.
The finance ministry, however, said in the statement that the decision to postpone the May 16 notification was to “give adequate time to banks and card networks to put in place requisite IT-based solutions” in case of higher TCS rates.
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