Finance ministry defers implementation of TCS amendments till 1st October

In a statement, the Outbound Tour Operators Association of India (OTOAI) said that the Ministry of Finance has deferred the implementation of the TCS amendments proposed in the Union Budget 2020-21 till 1st October 2020. Making amendments in the Finance Bill 2020 before getting in passed in the Lok Sabha, the Finance Minister decided to defer the implementation of the much talked about TCS provisions to charge 5 per cent income tax on the sale of overseas tour packages and foreign exchange remittances from the buyer by the virtue of Section 206C under the Income Tax Act. OTOAI further said it will continue this dialogue and strive for the complete rollback of TCS altogether by highlighting its adverse impact on Indian outbound operators and how it would render us uncompetitive given the competitive landscape which also includes foreign players. OTOAI will keep addressing various issues concerning overseas travel with the respective ministries for the benefit of the outbound tour operators and its members.