The clarification regarding the threshold of Rs. 7 lakhs per individual per financial year across all modes of payment regardless of purpose, will go a long way in aiding the buoyancy being witnessed in the travel industry.
Mr. Mahesh Iyer, Executive Director & Chief Executive Officer, Thomas Cook (India) Limited made the following statement:
“On behalf the Travel Services Industry, we welcome the Government’s announcement to defer the proposed increase in the TCS rate for remittances under LRS to Oct 1, 2023. We appreciate the Government’s initiative that will help create a level playing field – taking on board inputs from relevant stakeholders, including travel and authorized foreign exchange players.
The clarification regarding the threshold of Rs. 7 lakhs per individual per financial year across all modes of payment regardless of purpose, will go a long way in aiding the buoyancy being witnessed in the travel industry, which is still recovering from 2 consecutive years of the impact of the global pandemic.
As India’s leading foreign exchange provider, we believe this positive announcement also brings in much need clarity with Prepaid Forex cards (the preferred mode of transactions for overseas travellers) now being treated on par with credit/debit cards.”
Mr. Vishal Suri, Managing Director, SOTC Travel Limited stated: “We welcome the government’s announcement that highlights no change in the rate of TCS under LRS for all purposes and also for all overseas tour packages across all modes of payment for amounts up to Rs. 7 Lakh per individual per year. Further, more time has been given for implementation to ensure that all systems are in place for revised TCS rates & for the inclusion of credit card payments in LRS till 1stOctober,2023.
We urge the government to bring overseas tour operators within the TCS ambit while implementing the revised credit card guidelines – to ensure a level playing field for India based travel companies.”
Tatiana is the news co-ordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes to monitor the hundrends of news sources of TravelDailyNews Media Network and skim the most important according to our strategy. She holds a Bachelor degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.