Travel Agents Federation of India writes a letter to the Honourable Finance Minister, Smt. Nirmala Sitharaman, regarding TCS with the following content – “Greetings from the Travel Agents Federation of India! We are a 37-year-old association of travel professionals with 12 Chapters across the country and over 1400 members pan-India. …
IATO expresses its sincere thanks to Union Government and in particular Finance Ministry for giving partial relief of deferring Tax Collection at Source (TCS) on the Overseas Tour Packages till 30th September 2023 and also withdrawing the increase of TCS percentage from 5 per cent to 20 per cent on …
The government has delayed the implementation of new Tax Collected at Source rates for international transfers, including travel packages, from July 1, 2023, until October 1. According to the Ministry of Finance, the choice was made to provide banks and card networks enough time to implement the necessary IT-based solutions. …
OTOAI, representing the interests of India’s outbound tour operators, has expressed hope for a potential deferment of the TCS. In an official statement, Mr Riaz Munshi, President of OTOAI stated, “Given the disruptions and confusion these changes have caused, we are hopeful of a deferment of the TCS. Such a …
The All-India Association of Authorized Money Changers and Money Transfer Agents demands the inclusion of foreign currency cash, wire transfers through banks, pre-paid forex cards and other international payments into the TCS exemption ambit offered to the overseas transactions using debit and credit cards under the Liberalized Remittance Scheme (LRS). …
When booking international travel packages beginning in July 2023, be prepared to spend extra. The Liberalised Remittance Scheme (LRS) has increased the tax collection at source (TCS) rate for overseas remittances from 5 per cent to 20 per cent, with education and medical reasons being an exception as of Budget …
The Indian Association of Tour Operators (IATO) announced that they have written to Prime Minister Narendra Modi pleading with him to reinstate SEIS (Service Export Incentive Scheme) or include an alternative programme in the new Foreign Trade Policy because the inbound tourism industry is still struggling and requires the government’s …
Its been a month since the Union Budget was released granting the tourism industry the scope of growth amongst others. The discussions around the hike in TCS are still floating the grounds. Industry veterans from the Travel Agents Federation of India (TAFI) led by Mr Ajay Prakash, Mr Anil Kalsi, …
The Union Budget 2023 came with a conundrum for the tourism industry, on one hand, the idea of tourism on ‘Mission Mode’ is a breath of positivity, but on the other hand, the increase in the TCS (Tax Collected at Source) from 5 per cent to 20 per cent is …
