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TCS on foreign remittances: FinMin evaluates issues flagged by banks

July 1 deadline extension not ruled out

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Shrimi Choudhary Manojit Saha

4 min read Last Updated : Jun 27 2023 | 11:50 PM IST

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The finance ministry is “evaluating” the issues related to the implementation of a new rule that mandates 20 per cent tax collected at source (TCS) on foreign remittances.

“The decision on extending the July 1 deadline (for the implementation of the new rule) has not yet been taken. However, it cannot be completely ruled out amid procedural challenges,” a government source privy to the matter told Business Standard. He confirmed that a few banks have raised concerns with the finance ministry regarding the preparedness of the reporting systems required to implement the new rule.

“Some banks are ready with the

Topics : Reserve Bank of India Tax collections Finance Ministry

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