RBI requested to bring credit card payments for foreign tours within the ambit of LRS and TCS: FM:

Smt. Nirmala Sitharaman has requested RBI to look into the matter of bringing credit card payments for foreign tours within the ambit of LRS and tax collection at source thereon.

TCS on foreign tour

Reetu

Mar 25, 2023

Last update on Mar 25, 2023

RBI requested to bring credit card payments for foreign tours within the ambit of LRS and TCS: FM The Finance Minister of India, Smt. Nirmala Sitharaman has requested the Reserve Bank of India (RBI) to look into the matter of bringing credit card payments for foreign tours within the ambit of LRS and tax collection at source (TCS) thereon. It has been represented that payments for foreign tours through credit cards are not being captured under the Liberalised Remittance Scheme (LRS) & they escape tax collection at source. While presenting Finance Bill 2023 with some amendments in Lok Sabha, Nirmala Sitharaman spoke on this matter.

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Reetu is a Content Writer with 4+ years of experience in GST, Income Tax, Finance, Company Law, Education and Career Related Content. She is a B.COM (Honrs.) Graduate.