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June 28, 2023
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Liberalized Remittance Scheme (LRS) Budget 2023 Update!

In continuation to our various posts on higher TCS on overseas spends, The Finance Ministry on Wednesday made 2 MAJOR Announcements:

1. MoF deferred the implementation of a higher rate of TCS of 20% on overseas remittance under LRS like overseas tour package, for purpose of education, medical treatment, etc. till October 01, 2023

2. MoF also clarified that government will not consider international credit card spending towards the LRS limit and has put off the implementation of the notification that had brought credit cards within the fold indefinitely.

Putting credit card spent out of the ambit of LRS was on the back of giving adequate time to banks and card networks to put in place requisite IT based solutions. The government may bring requisite legislative amendment in this regard in due course