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Banks seek clarification from govt before TCS on credit cards kicks in

Banks are particularly concerned about use of several cards and bank accounts to make a simple remittance

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3 min read Last Updated : Jun 27 2023 | 7:18 PM IST

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Banks have sought several clarification from the government ahead of the Tax Collected at Source (TCS) regime kicks in for international usage of credit cards.

According to bankers, there is ambiguity on several fronts on which clarity is needed, particularly, if the amount is remitted using several cards and bank accounts.

“We have sought some clarification on this issue. We are yet to get any revert,” a senior banker from a large bank said.

“If it is done through a debit card, the bank has access to the bank account from where the tax can be deducted. Here it is

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