TCS for overseas tour packages above ₹50 lakh increased from 5% to 20% in Budget 2023-24

In the Union Budget 2023, it was announced that the government has increased Tax Collection at Source (TCS) for overseas packages from 5%to 20%. Riaz Munshi, President, OTOAI, says that instead of reducing the TCS, it has been increased and it will hamper the business. Rajeev Sabharwal  (CA), Chief Executive, Gaurav Travels, says outbound industry should oppose this move.