Govt. Hits the Pause Button | Credit Card Transactions Abroad Excluded from LRS Coverage for Now!
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- By Chetan Kulasri
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- Last Updated on 30 June, 2023
Latest from Taxmann
Press Release dated 28.06.2023
Earlier, the MoF vide Notification No. G.S.R 369(E) dated 16.05.2023 notified that the usage of International Credit Cards (ICC) shall be governed by LRS i.e. the limit of ICC transactions during foreign travel would be capped to USD 2,50,000 and will be subject to the applicable Tax Collected at Source (TCS).
Now, the govt. has decided to postpone the implementation of earlier notification, i.e., for the time being the use of ICC while traveling abroad has been excluded from LRS and will not be subject to TCS.
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