TCS rate hike on international transactions postponed to October 1, 2023

The government postponed the implementation of revised tax collected at source (TCS) rates and inclusion of credit card payments under the Liberalised Remittance Scheme (LRS) and on international transactions from July 1 to October 1, 2023. Furthermore, there's no change in the rate of TCS for all purposes under LRS for amounts up to ₹7 lakh per individual per annum.