TravelBiz Monitor: India travel news, travel trends, tourism

TAAI appeals to FM for abolishing TCS ahead of its implementation on October 1

By TBM Staff - Mumbai Thursday, 28 September 2023, 3:41 PM 616

As the new Tax Collection at Source (TCS) on foreign remittances is set to become applicable from October 1, TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the […]Continue Reading

Indian outbound to witness CAGR of 11.4%

By TBM Staff - Mumbai Monday, 31 July 2023, 11:30 AM 1142

India’s outbound tourism market is projected to rise by 11.4 per cent CAGR between 2023 and 2032. The growth in the Indian travel and tourism industry is driven by a combination of rising income levels and changing lifestyles, development of diverse tourism offerings and policy and regulatory support by the government authorities, a report said. […]Continue Reading

Ministry Top Stories

TCS Rollback: Stakeholders Say Partial Relief

By TBM Staff - Mumbai Saturday, 1 July 2023, 3:00 PM 4521

By TBM Staff/Mumbai The Travel Associations have welcomed the government’s decision to defer the proposed increase of tax collected at source (TCS) on overseas tour packages from 5% to 20% on amounts up to INR 7 lakh per annum. However, they termed it as “Partial relief.” Jyoti Mayal, President, TAAI, said that as understood from […]Continue Reading

Ministry Top Stories Trade News

Govt postpones implementation of revised TCS rule to October 1 from July 1

By TBM Staff - Mumbai Thursday, 29 June 2023, 11:00 AM 1443

The Ministry of Finance said overseas spending using international credit cards will not be included under the Liberalised Remittance Scheme (LRS) and hence, would not attract TCS. Also, the implementation of a higher rate of tax collected at source (TCS) of 20 per cent on overseas remittances under LRS, like tour expenses, has been deferred […]Continue Reading

TAAI Nagpur Chapter organised a knowledge session on implementation of TCS for its members

By TBM Staff - Mumbai Thursday, 29 June 2023, 10:07 AM 1447

TAAI Nagpur Chapter organised a knowledge session on implementation of TCS for its members on 24th June 2023. Chapter Chairman Irshad Mehdi took the initiative to organise this session for the members which was conducted by a renowned CA Saket Bagadia , the entire session was conducted on the inputs shared by GMJ & Co […]Continue Reading

Travel agents seek review of international tour package TCS

By TBM Staff - Mumbai Tuesday, 27 June 2023, 3:00 PM 1633

With days to go for the roll-out of tax-collected-at-source (TCS) on overseas tour packages using credit cards, industry bodies have written to the government flagging concerns, amid fears that domestic travel agents will be hit. Citing the recent clarification to keep debt and credit transactions up to INR 7 lakh outside the ambit, industry bodies […]Continue Reading

TAAI appeals to FM for abolishing TCS ahead of its implementation on October 1

Indian outbound to witness CAGR of 11.4%

TCS Rollback: Stakeholders Say Partial Relief

Govt postpones implementation of revised TCS rule to October 1 from July 1

TAAI Nagpur Chapter organised a knowledge session on implementation of TCS for its members

Travel agents seek review of international tour package TCS

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