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The effectiveness of the Tax collected at the source clause on international remittances is updated from 1 April 2020 to 1 October 2020.
No GST would refer to the tax collected by the TCS. However, GST will refer to the conversion & remittance service fee of the currency.
Tax would apply to all remittances from India that come under the Liberalized Remittance Scheme (LRS) of RBI.
Following are the purposes permitted under LRS.
Permissible capital account transactions by an individual under LRS are:
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