Ashneer Grover cuts 20% TCS on foreign travel and credit cards; Rained on exemption on political donations

Former shark Ashneer Grover criticized 20% TCS (Tax Collected at Source) on foreign travel, international spending on credit cards and LRS curbs.

ICYMI, the central government recently notified revised rules for credit spends outside the country under the Foreign Exchange Management Act (FEMA). The decision has brought credit card spends outside India under the ambit of LRS or Liberalized Remittance Scheme. 20% TCS will now be applicable on spending on International Credit Cards. The annual LRS limit for international expenses is $2,50,000. Prior approval of RBI is mandatory for any expenditure above the above limit. TCS will be 5% till June 30, however, from July 1 the new rule of 20% will come into effect.

Foreign credit card expenses come under LRS to attract 20% TCS #Credit Card

– Fortune India (@FortuneIndia) May 18, 2023

Ashneer Grover targets political donations. he wrote

It is a fact that TCS will never be imposed on political donations, on the contrary IT will be exempted.”

(It is certain that no TCS will be deducted from any political donation, but IT will be exempted.)

20% TCS on foreign travel; Very interesting rule to cap TCS and LRS at 20% on foreign credit card spends. Yes, TCS will never be applicable on political donations – that’s for sure! There you will get exemption in reverse income tax.

– Ashneer Grover (@Asneer_Grover) May 18, 2023

Here’s how netizens are reacting to the full 20% TCS on foreign travel and international credit card spends.

The Modi government has introduced a rule where a tax (TCS) of 20% will be levied on credit card transactions abroad.

While you can claim the annual refund while filing the return, 20% tax will be billed to your credit card and you will pay interest on it.

Open robbery of the middle class.

— Saket Gokhale (@SaketGokhale) May 18, 2023

Meanwhile tcs employees after seeing 20% ​​tcs pic.twitter.com/gT6aMBmLwR

Chandra R. Srikanth (@chandrarsrikant) May 18, 2023

Government of India will impose 20% #TCS On all credit card transactions done internationally from July 1, 2023.

An additional tax of 20% will be applicable when traveling abroad or when swiping a credit card at a foreign merchant.

Education and medical expenses are exempted. pic.twitter.com/sVF5ApjCKZ

— Saikiran Kannan |赛基兰坎南 (@saikirankanan) May 18, 2023

Respected Honorable PM Mr. @Narendra Modi Yes, Hon’ble FM Smt. @nsitharaman Yes, you would be hurting the middle class. Many working class people also take holidays on EMI. If this is implemented, it will affect tourism, airline industry as well. Please reconsider.

— Dinesh Joshi (@dnjoshispeaks) May 18, 2023

With thoughts like this 20% TCS, maybe it is time we rename North Block to Takshashila.

— Ramesh Srivats (@rameshsrivats) May 18, 2023

All those who are defending 20% ​​TCS as one can get a refund should hand over their entire income to the IT department, and then receive weekly pocket money from the government for their expenses.

— Abhishek Baxi (@baxiabhishek) May 18, 2023

Government of India wants to promote domestic tourism

Hence 20% TCS is being levied on credit card spends on foreign travel pic.twitter.com/TbLEZ4HmP1

— MemeOverlord (@MemeOverlord_kk) May 18, 2023

Indian taxpayers are watching Finance Minister Nirmala Sitharaman and the Government of India impose
– 30% income tax on hard earned salary
– 5-12% GST on flight tickets
– 12-18% GST on hotel and travel related services
And now pay an additional 20% TCS on credit card spends abroad! pic.twitter.com/qsH2JebfCN

– Vishal Verma (@VishalVerma_9) May 18, 2023

When you are planning to travel abroad now,
20% TCS applicable pic.twitter.com/4yXB30M2SL

— MemeOverlord (@MemeOverlord_kk) May 18, 2023

While charging 20% ​​TCS on credit card usage abroad

Travelers Government of India#Income tax pic.twitter.com/X7I73e913a

— MemeOverlord (@MemeOverlord_kk) May 18, 2023

20% TCS on credit card usage outside India

Tax payer to the government… pic.twitter.com/KFQKd6IYHB

— MemeOverlord (@MemeOverlord_kk) May 18, 2023

When planning to travel abroad using an Indian Credit Card (20% TCS)

Government of India be like pic.twitter.com/dS0PRdyruM

— MemeOverlord (@MemeOverlord_kk) May 18, 2023

*any economic activity takes place

take nirmala tai

(30% gambling and now 20% TCS) pic.twitter.com/EbHo1BhaXI

– Horrified 🫣👽 (@Horified_x) May 18, 2023

Meanwhile, Ashneer Grover is facing a lawsuit to the tune of Rs 88 crore and an FIR by the EOW for defrauding BharatPe of Rs 81 crore. Both the parties have been reprimanded by the Delhi High Court for maintaining civil decorum and not behaving like goons.

See also: ‘Decision to enter the gutter..’ Delhi High Court reprimands Ashneer Grover and BharatPe for unparliamentary language

See also: Will Ashneer Grover ever return to Shark Tank India? The former shark said, ‘Could that be the thing…