2023
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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10%
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20%
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25%
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30%
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Detailed explanation-1: -Synopsis. The move to impose a 20% tax collected at source (TCS) on credit card purchases for international transactions, and the inclusion of credit card transactions in tax categories will have an impact on ordinary consumers, not just the rich, says international tax expert TP Ostwal.
Detailed explanation-2: -How Much Credit Cards Charge on International Transactions? For MasterCard and Visa, the international transaction credit card fee is 1%, while for other payment networks, the charge levied is usually between 2% – 3% of the transaction amount.
Detailed explanation-3: -Updates on foreign remittance tax India In the 2023-23 Budget address, Finance Minister Nirmala Sitharaman announced that the Tax Collection at Source (TCS) for foreign remittances would increase from 5% to 20% of the transaction amount.
Detailed explanation-4: -Credit demand is also broadening to alternate credit products. Consumer use of credit cards remains strong. Global credit card transaction values across e-com and POS exceeded USD 13 trillion in 2022.