October 1 rollout: Roll back ‘draconian’ TCS on foreign tours, Indian travel agents urge government

The Indian travel industry has urged the government to roll back the “draconian” TCS on foreign tours that kicks in from October 1, 2023, and instead mandate a standard 2.5% on all foreign spends by individuals who hold a valid PAN Card. The rate can be higher for those who do not produce a PAN card, the Travel Agent Federation of India (TAFI) has said in a letter to Union finance minister Nirmala Sitharaman.