[ad_1]
The move to tax overseas spending above the threshold will now be applicable from Oct. 1, 2023. Earlier it was to be implemented on July 1.
The government has pushed back plans to collect a 20% tax on annual overseas spending of more than 700,000 Indian rupees ($8,500) by three months to provide banks with more time to prepare their systems, according to a government statement late on Wednesday.
The move to tax overseas spending above the threshold will now be applicable from Oct. 1, 2023. Earlier it was to be implemented on July 1.
In May, the government had said it would only impose 20% tax on overseas spending of above 700,000 rupees through international debit and credit cards in a financial year.
You have exhausted your
monthly limit of free stories.
To continue reading,
simply register or sign in
Subscribe to read on
Select your plan
All-Access
Access to premium stories
Digital Only
Access to premium stories
This premium article is free for now.
Register to read more free stories and access offers from partners.
This content is exclusive for our subscribers.
Subscribe to get unlimited access to The Indian Express exclusive and premium stories.
This content is exclusive for our subscribers.
Subscribe now to get unlimited access to The Indian Express exclusive and premium stories.
“To give adequate time to banks and card networks to put in place requisite IT based solutions, the government has decided to postpone the implementation of its…notification,” the government statement said.
Annual overseas spending of below 700,000 rupees will not be subject to taxes.
A tax collected by the government can be claimed back at the time of filing of tax returns.
First published on: 28-06-2023 at 21:51 IST
[ad_2]
Source link