India postpones new tax on tourism spending in Dubai, Abu Dhabi, other overseas destinations

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India postpones new tax on overseas tourism spending

The Indian Finance Ministry has postponed a new tax on spending by Indian tourists in overseas destinations like Dubai and Abu Dhabi.

India planned to collect a 20 percent tax from Indian tourists on whatever they purchase or spend on while they are abroad starting on July 1.

“Numerous suggestions were received from banks, the travel industry and the public about the new tax, which have been carefully considered,” according to the Finance Ministry. “It has been decided to give more time for the implementation of the revised tax collection at source (TCS).”

The new tax would have covered purchases and spendings, including the sale of overseas tour packages, hotel stays, entertainment and consumer goods.

“Transactions by Indians through international credit cards while being overseas would not be counted as part of a Liberalised Remittance Scheme (LRS) and hence would not be subject to TCS,” according to the Ministry.

Remittances for the education of Indian children in campuses such as in the UAE will not attract any tax if they are below 700,000 Indian rupees ($8,500). Above that limit, TCS of 0.5 percent is already levied.

Remittances abroad for medical treatment and tour packages above the limit of 700,000 Indian rupees are already subject to TCS at five percent. India media today commented that the proposed increase in TCS “for all practical purposes, is now in cold storage.” ICA/Expat Media


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