Foreign Tour Packages to Cost More from 1st July 2023
Booking foreign tour packages is going to become more expensive for Indians starting from July 1, 2023. The government has increased the tax collection at source (TCS) rate for foreign remittances under the Liberalised Remittance Scheme (LRS) from 5% to 20% (except for education and medical purposes). This means that if you purchase an overseas tour package from a travel agent, you will have to pay a TCS of 20%. Similarly, if you purchase foreign currency individually from an authorized dealer for your foreign trip, you will also have to pay TCS of 20%.
CA Sanjay Arora – Shalini Arora & Co. (CA in Noida)
