Tag Archives: TCS

‘Understanding TCS’ webinar on Thu, 22nd October

Global Panorama Showcase (GPS) and TravTalk is set to bust all myths regarding Tax Collected at Source (TCS) with the webinar ‘Understanding TCS’, which will be held on Thursday October 22, at 11 am. The webinar would allow travel professionals to understand what TCS is, how it will impact them and if it is taking away their business. The experts will clear all such doubts. To register, contact Jaspreet Kaur at 9650196532 or Jaspreet.kaur@ddppl.com.

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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.

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OTOAI meets Jt. Secretary, Finance, to revoke TCS implementation

The team of Outbound Tour Operators Association of India (OTOAI), recently met Kamlesh Varshney, Joint secretary, TPL, Ministry of Finance, to apprise him of situations arising currently on tourism industry because of TCS. In a statement by the association, it was mentioned, “We requested that TCS be not implemented and deferred in present situation. He assured that our request will be positively looked into and they would consider our request of rolling back of the law, and if rollback is not possible then deferment will be considered.” Riaz Munshi, President, OTOAI; Shravan Bhalla, Gen. Secretary; Guldeep Singh Sahni, Former President and Rajeev Sabharwal, Former Treasurer, met the Joint Secretary to voice their concerns.

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