BANKSAND CREDIT card issuers are likely to see arise in compliance costs as they implement the 20% tax collection at source TCS) on international credit card spends from July 1. Costs will go up as itis not feasible to monitor the liberalised remittance scheme real-time at the industry level, bankers said.
“There will definitely be an increase in the cost of compliance and monitoring.We will automate to the extent possible, but there will definitely be operational challenges in the immediate term, said Frederick Dsouza, business head credit cards, Kotak Mahindra Bank.
Banks willbe obligated to payTCS on behalf of clients even before claiming the sum from them. There will be complications in case customers dispute transactions or cancel them subsequently. Operationally too, the execution is not straight forward, he added.
This story is from the June 01, 2023 edition of Financial Express Mumbai.
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This story is from the June 01, 2023 edition of Financial Express Mumbai.
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