The Centre has decided to exempt overseas credit card spending from tax collected at source (TCS) by excluding such spending from the Liberalised Remittance Scheme (LRS), as per a late Wednesday Finance Ministry release. In March of this year, it was announced that credit card payments would be brought under the LRS. In the latest Union Budget, certain changes were announced to the system of TCS on payments under the Liberalised Remittance Scheme (LRS) and on overseas tour programme packages. These were to take effect on July 1, 2023. As per the latest announcements, these changes will now be considered as of October 1, 2023. Business Today's special correspondent, Karishma Asoodani, joins in with more.