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

Credit card

Manojit Saha Mumbai

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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.

First Published: Jun 27 2023 | 7:18 PM IST

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