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From July 1, a 20 per cent tax will be levied at source on credit card spends on international merchants, according to a government notification. International payments made through credit cards will be covered under the Liberalised Remittance Scheme (LRS).
This means that payments will be counted within the $250,000 foreign spending limit for resident Indians. Who Will Be Impacted The Most? High-value customers, who actively use their credit cards when travelling overseas, and it will also impact people who make international payments for global goods and services using credit cards.
This means that payments will be counted within the $250,000 foreign spending limit for resident Indians. Who Will Be Impacted The Most? High-value customers, who actively use their credit cards when travelling overseas, and it will also impact people who make international payments for global goods and services using credit cards.
