News > International credit card payments up to Rs 7 lakh will not attract TCS, clarifies Govt

International credit card payments up to Rs 7 lakh will not attract TCS, clarifies Govt

The Finance Ministry clarified that payments using international debit or credit cards up to Rs 7 lakh per financial year will be excluded from the Liberalised Remittance Scheme (LRS) limits and therefore, will not attract any TCS. This comes days after the Central government, in consultation with the Reserve Bank of India, Tuesday amended rules under the Foreign Exchange Management Act, bringing in international credit card spends outside India under the LRS.