In top business news today, you might have to pay 20% tax on international credit card transactions. If you have an international credit card and you are using it for international purchases, then you may have to pay 20% tax on transactions which is up from 5%.
This is set to capture an additional INR 10000 crore for the Indian government related to the volume of international credit card purchases.
Punekars will have to understand the specific details behind this change so that they can travel smartly the next time they’re out of the country.
You may also have to understand how remittances and international credit cards will impact your business or personal expenditure. You can set up the right technology solutions to ensure that you’re informed.
You can also track your international credit card purchases more closely, whether for operational or personal uses so that you can track the value generated as well. You may be able to get a better deal or opportunity using alternatives to international credit cards.
You may also have to travel more intelligently when spending money on daily expenses and sightseeing visits. While you can enjoy new experiences across different countries, you may have to be aware of the added expenses that you may have to pay.
Punekars should also know that planning and spending on international travel will become more complicated for some individuals.
You may have to plan more strategically about what budgeting areas are better for you. You can also plan your shopping and tourism activities around these changes.
International travel will also begin to impact Indians who were already planning on a tighter budget. They may have to curb certain expenses or reduce their length of travel, as these expenses can become higher for some people.
You may have to even opt for cheaper to visit countries that are closer to Pune via flight so that you can control your budgetary expenses properly. Punekars can also look for the best options in flights and accommodations so that they don’t have to book an expensive option.
There is also a significant technology opportunity present in terms of technology solutions. Punekars can make applications and solutions that specifically target budgeting, planning, and spending on trips. You can also make the right integrations in existing business software to help customers.
In conclusion
International credit cards can now get 20% tax as per the business news today, which is making several Punekars aware of the potential changes. You can now focus better on international purchases to ensure that you’re planning with these features in mind.