Since TCS rates under LRS is increased to 20% effective July 2023, I need following clarification. If I book a tour package in April full amount with current TCS rate of 5% for a overseas tour package with my travel agent to start the tour in July 2023, should I pay the 5 or 20% TCS to my Travel agent. Can anyone clarify on this.
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TCS on Overseas Tour PAckage
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Quick Summary
If you have already booked a tour package in April 2023 with your travel agent and have paid the full amount, you should pay TCS at the rate of 5% as applicable at the time of payment. This is because the increased TCS rate of 20% will only be applicable on remittances made on or after July 1, 2023.
Therefore, if you have already made the payment before July 1, 2023, you will be liable to pay TCS at the rate of 5%. However, if you make any further payments towards the tour package on or after July 1, 2023, you will be liable to pay TCS at the increased rate of 20%.
Thank you very much for the clarification on the above
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