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[ad_1] 20% TCS on Credit Card: International Credit Card spending outside India would come under the Liberalised Remittance Scheme (LRS) from July 1. Spending with international credit cards will also attract a higher rate of Tax Collected at Source (TCS) at 20% effective July 1, 2023. The Central Government on Tuesday (May 16, 2023) notified the amended rules under the Foreign Exchange Management Act (FEMA), which has brought credit card spending outside India under the LRS. The amended rule would be applicable from July 1, 2023. While the move is expected to help track high-value overseas transactions, the Government’s decision…