International credit card spending attracts 20% TCS
Image Credit: business standard
The Indian government has decided to charge a 20% tax collected at source (TCS) on international credit card transactions starting July 1. The 20% TCS will also apply to purchasing products from other countries or subscribing to overseas services. Overseas tour packages bought from travel agents will also come under the ambit of the new amendment. In this case, it doesn't matter what mode of payment you use.