TCS tourism and travelling service
TCS tourism and travelling service The travel and tourism industry in India is undoubtedly passing through a horrendous phase since the last few years. A simple business of helping travelers book air tickets, hotels, tour packages, visas and ancillary services has been turned into a complex web of riddles since the introduction of GST and subsequently TCS. The industry barely survived the aftermath of COVID-19 and the government announced the levy of TCS. In 2021-22, a total of USD 19.61 billion was remitted under LRS, up from USD 12.68 billion in 2020-21. In 2022-23, it rose to more than USD 24 billion and this has caught the eye of the government. If you are planning to go on an international trip and any booking is done, offline or online, for overseas tour packages of more than Rs 7 lakh in a financial year, you have to pay TCS at 20 per cent from October 1, 2023. If the foreign tour packages cost up to Rs 7 lakh, TCS will be levied at 5 per cent. Provisions relating to Tax C...