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Travel Associations write to Finance Ministry to defer implementation of TCS

The Central Government had initially announced the implementation of new Tax Collection at Source (TCS) rates on July 1, 2023, as per the Union Budget 2023. In the budget, the TCS for foreign remittances under the Liberalised Remittance Scheme (LRS) saw a significant hike from 5 per cent to 20 per cent. As per Circular No. 10 of 2023 dated June 30, 2023, a 5 per cent TCS would be levied up to packages of Rs. 7 lakhs, and any incremental amount thereon of the package cost, a 20 per cent TCS shall be applicable. This change was meant to apply to various transactions, including international travel and foreign remittances, but not for education expenses abroad or medical reasons....

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