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Former shark Ashneer Grover slammed the 20% TCS (Tax Collected at Source) on foreign travel, international spends on credit cards, and curbing the LRS.

ICYMI, the Central Government recently notified amended rules for credit spendings outside the country under the Foreign Exchange Management Act (FEMA). The ruling has brought credit card spendings outside India into the gambit of LRS or Liberalized Remittance Scheme. Spendings on International Credit Cards will now attract 20% TCS. The annual LRS limit for international spendings is $2,50,000. A prior approval of RBI is mandatory on any spend that is above the aforementioned limit. Till June 30th, the TCS will be 5%, however, come July 1st the new regulations of 20% will be enforced.

Overseas credit card spends come under LRS, to attract 20% TCS https://t.co/zzWszpsOJ6 #CreditCards

— Fortune India (@FortuneIndia) May 18, 2023

Ashneer Grover took potshots at political donations. He wrote

Yeh toh tai hai ki political donations pe kabhi TCS nahi lagne wala, ulta IT mein rebate milegi.”

(It is certain no TCS will be deducted from any political donation, rather IT will give rebates.)

Foreign travel pe 20% TCS; foreign credit card spend pe 20% TCS and LRS limit me lana bahut hi interesting rule hai. Haan political donations pe kabhi TCS nahi lagne waala – yeh tay hai ! Wahaan aapko ulta income tax mein rebate milegi.https://t.co/xvIptzEp5z

— Ashneer Grover (@Ashneer_Grover) May 18, 2023

Here’s how the netizens are reacting to the whole 20% TCS on foreign travel and international credit card spendings.

Modi Govt has introduced a rule where tax (TCS) of 20% will be imposed on credit card transactions overseas.

While you can claim a refund annually when filing returns, the 20% tax will be billed to ur credit card & you’ll be paying interest on it.

Open loot of the middle class.

— Saket Gokhale (@SaketGokhale) May 18, 2023

Meanwhile employees of TCS after seeing 20% TCS https://t.co/53xmbajatU pic.twitter.com/gT6aMBmLwR

— Chandra R. Srikanth (@chandrarsrikant) May 18, 2023

The Indian government will impose a 20% #TCS on all credit card transactions made internationally from July 1, 2023.

Swiping a credit card while traveling overseas or with a foreign merchant, will result in an additional 20% in taxes.

Education & medical expenses are exempted. pic.twitter.com/sVF5ApjCKZ

— Saikiran Kannan | 赛基兰坎南 (@saikirankannan) May 18, 2023

Respected Hon PM Shri @narendramodi ji , Hon FM Smt @nsitharaman ji , you will be hurting the middle class. Many working class people take holidays on EMIs too. It will affect the tourism, airline industry also if this comes into force. PLEASE RETHINk. https://t.co/8HqsX4iI1B

— Dinesh Joshi (@dnjoshispeaks) May 18, 2023

With ideas like this 20%TCS, maybe it’s time we rename North Block as Taxashila.

— Ramesh Srivats (@rameshsrivats) May 18, 2023

All those defending 20% TCS because one can get refunds should hand over their entire income to the IT department, and then get weekly pocket money from the government for their expenses.

— Abhishek Baxi (@baxiabhishek) May 18, 2023

Indian Government wanting to boost domestic tourism

Hence levying 20% TCS on credit card spending on foreign travel pic.twitter.com/TbLEZ4HmP1

— MemeOverlord (@MemeOverlord_kk) May 18, 2023

Indian tax payers watching Finance minister Nirmala Sitharaman & Indian Government imposing
– 30% Income Tax on Hard Earned Salary
– 5-12% GST on Flight Tickets
– 12-18% GST on Hotels & Travel related Services
And now Pay Extra 20% TCS on Credit Card spend in a Foreign country!

— Vishal Verma (@VishalVerma_9) May 18, 2023

When you plan to travel foreign now,
20% TCS applicable

— MemeOverlord (@MemeOverlord_kk) May 18, 2023

While charging 20% TCS on credit card usage in foreign travel

Indian government to travellers#incometax pic.twitter.com/X7I73e913a

— MemeOverlord (@MemeOverlord_kk) May 18, 2023

20% TCS on credit card use outside India

Tax payers to the government.. pic.twitter.com/KFQKd6IYHB

— MemeOverlord (@MemeOverlord_kk) May 18, 2023

While Indian planning for foreign travel using a credit card ( 20% TCS)

Indian Government be like pic.twitter.com/dS0PRdyruM

— MemeOverlord (@MemeOverlord_kk) May 18, 2023

*Any economical activity happens

Le nirmala Tai

[ 30% gambling and now 20% TCS] pic.twitter.com/EbHo1BhaXI

— Peerless 🫣👽 (@Hoorified_x) May 18, 2023

Meanwhile, Ashneer Grover is facing a lawsuit of Rs 88 crore and an FIR by the EOW for defrauding BharatPe of Rs 81 crore. Both the parties have been rebuked by the Delhi HC to maintain civil decorum and not behave like ruffians.

See Also: ‘Decided To Enter Gutter..’ Delhi HC Rebukes Ashneer Grover And BharatPe For Unparliamentary Language

See Also: Will Ashneer Grover Ever Be Back On Shark Tank India? Ex-Shark Says, ‘Do He Chizien Ho Sakti Hai…

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