The Ministry of Finance on Wednesday extended the deadline to apply the proposed changes in Tax Collection at Source (TCS) rates from October 1. Centre has given more time for implementation of revised TCS rates and for inclusion of credit card payments in LRS. Till 30th September, 2023, earlier rates (prior to amendment by the Finance Act 2023) shall continue to apply,” the ministry said..Earlier, in Budget 2023, certain changes were announced to the system of (TCS) on payments under the LRS and on overseas tour program packages. These were to take effect from July 1. It was also announced in March that credit card payments would be brought under the LRS.
