Government on Wednesday postponed implementation of new Tax Collected at Source rates for overseas remittances, including tour packages, to October 1 from July 1, 2023.
Ministry of Finance said the decision was taken to give adequate time to banks and card networks to put in place requisite IT-based solutions.
Government said more time has been given for implementation of revised TCS rates and for inclusion of credit card payments in Liberalised Remittance Scheme (LRS)
Government also rolled back its decision on including transactions for overseas travel under LRS.