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Amendment in RBI circular
Inclusion of all Credit card payments for International Transaction under Liberalized Remittance Scheme (LRS). Rule 7 of Foreign Exchange Management (Current Account Transactions), Rules, 2000 stands omitted.
New Rule
Tax Collected at Source (TCS) at 20% on international usage of credit / Debit / Forex cards or Foreign exchange exceeding INR 7 lakhs, from July 1, 2023.
Who will be affected?….
Read more: https://www.acquisory.com/ArticleDetails/91/Impact-of-TCS-on-Payment-for-International-Transactions
