Ashneer Grover unhappy with higher TCS on international credit card spending

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At a time when the central government has amended a new rule on international credit card spending, bringing it under the Reserve Bank of India’s (RBI) Liberalised Remittance Scheme (LRS), it seems that the move hasn’t gone well with a lot of people including former BharatPe chief Ashneer Grover. Reacting to the government’s latest move, Grover took to Twitter and slammed the decision, while taking a jibe at the ‘political donations’ made in India. Notably, this came after the Finance Ministry in a new notification said that all spending on international credit cards made outside India will come under LRS and thus will attract a higher tax of higher rate of Tax Collected at Source (TCS), in effect from 1 July 2023.

The former Shark Tank judge on Thursday shared a news article on the government’s latest decision and noted how the government has levied heavy TCS on foreign travel and foreign credit card spending, but not on political donations. “Foreign travel pe 20% TCS; foreign credit card spend pe 20% TCS and LRS limit me lana bahut hi interesting rule hai. Haan political donations pe kabhi TCS nahi lagne waala – yeh tay hai ! Wahaan aapko ulta income tax mein rebate milegi. (20% TCS on foreign travel, 20% TCS on foreign credit card spending, and now LRS limit is very interesting. But there will be no TCS on political donations, instead one will receive rebate on income tax),” he wrote.

Visibly annoyed by the government’s move, Grover’s tweet also caught the attention of social media users who took to the comment section and shared their reactions. A user wrote, “Rebate nahi – Deductions u/s 80GGB, 80GGC 20% TCS is harsh”, while another one wrote, “Electoral bonds, PM care fund is exempted from TCS. if they come under the preview, All black money in politics will be out of preview.”

“Instead of calling it tax terrorism, you should appreciate the efforts of the government to prevent money laundering and ensure tax compliance. You should also pay your taxes honestly and claim your refunds or adjustments when you file your ITR. You should also support transparent and accountable political financing brought in by the Govt. This will strengthen our democracy and our economy,” a user wrote while supporting the decision.

RBI to cover spending on international credit cards under LRS

According to the Finance Ministry, beginning from 1 July 2023, new Tax Collected at Source (TCS) regulations will affect people’s expenses abroad as the Reserve Bank of India’s Liberalised Remittance Scheme (LRS) will now cover spending in foreign currency made through international credit cards. The ministry through the new rule included every international credit card payment under the LRS, stating that any remittance exceeding $250,000 or equivalent in foreign currency would need approval from the RBI.

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