International transaction tax relaxation extended until October

  • The Ministry of Finance in India has extended the deadline for applying revised Tax Collection at Source (TCS) rates till October 1, 2023.
  • The existing rules, prior to the amendment by the Finance Act 2023, will continue to apply with no changes in TCS for payments up to Rs 7 lakh per individual per annum under Liberalised Remittance Scheme (LRS) and overseas travel tour packages.
  • The Centre has also decided to postpone the inclusion of credit card payments in LRS, allowing Banks and Card networks additional time to implement IT based solutions.
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