Budget 2024: Modi Govt May Tax Overseas Credit Card Spending Over Rs 7 Lakh
Budget 2024: Modi Govt May Tax Overseas Credit Card Spending Over Rs 7 LakhThe Indian government is reportedly planning to impose a 20% tax on overseas credit card spending that exceeds Rs 7 lakh. The move aims to curb rising foreign currency outflows. India saw $31.73 billion in foreign reserve outflows in the financial year 2024-2025. The proposal is reportedly part of PM Modi-led government’s Union Budget 2024-2025. Finance Minister Sitharaman is set to present the budget on July 23. International spending is taxed under the Reserve Bank of India’s Liberalised Remittance Scheme (LRS). The LRS allows an individual to send up to $250,000 annually abroad and taxes international transactions using credit and forex cards. However, credit cards have been exempted from such taxes because Indian banks lacked the infrastructure to monitor international credit card spending. However, reports say banks are now prepared to comply with LRS regulations.
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