![TCS hike in tour packages to have limited impact on demand: Report](https://images.assettype.com/fortuneindia%2F2023-05%2F04f7dbe1-e615-44b8-9da0-698a52730a8e%2Fcredit_cards.jpg?rect=0,0,2121,1061&w=300&q=95)
TCS hike in tour packages to have limited impact on demand: Report
Travel operators' revenue growth to normalise at 12-14% next fiscal; healthy profitability, strong balance sheets to bolster credit profiles, says ICRA
Travel operators' revenue growth to normalise at 12-14% next fiscal; healthy profitability, strong balance sheets to bolster credit profiles, says ICRA
For the first ₹7 lakh remittance under LRS, there won't be any TCS
Payments by an individual using their international debit or credit cards up to ₹7 lakh per year will be excluded from LRS, says Ministry of Finance
International credit cards are being issued with limits in excess of the current LRS limit of $2,50,000, says Ministry of Finance
Credit card spends on foreign trips will now attract 20% TCS from July 1
Outward remittances under LRS for travel stood at $9.95 billion, up from $4.16 billion during the same period last year and $5.4 billion during FY21.
A potential tiff between regulators, policy restrictions, and likely legal hassles have delayed the proposed launch of foreign currency accounts by a slew of banks.