Tax on foreign card spends: A bolt from the blue
The government has brought credit cards under the Liberalised Remittance Scheme (LRS) from 1 July. Even a dollar of foreign spending will attract a 20% tax — a departure from the current 5% tax on spending of over ₹7 lakh (credit cards excluded). Mint's Neil Borate explains in this episode. This episode is being hosted by Prasid Banerjee.
