Current Affairs - Economy - Discussion

Discussion Forum : Economy - Latest Current Affairs (Q.No. 443)

2023-05-20 Economy

443.

What is the percentage of TCS announced to be levied on international credit card spending?

10%

20%

25%

30%

Answer: Option

Explanation:

The government has amended rules in 2023 under the Foreign Exchange Management Act (FEMA) to impose a higher rate of 20% Tax Collected at Source (TCS) on international credit card expenditures outside India under the Liberalized Remittance Scheme (LRS).