TCS on international credit card spends - Why your holidays just got more expensive?
Finshots Daily
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The Government's Taxes on Foreign Travel
The government is introducing a new set of taxes on foreign travel. Starting from July, it's going to collect a massive 20% tax as soon as one of these tourists swipe their credit card outside of India. The decision wasn't really shocking because the government had already upped the tax from 5% to 20%. But in order to bring credit cards into this ambit, it first had to tweak a two decade old law.
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