Starting from October 1, two significant tax mechanisms are set to reshape the financial landscape, affecting both individuals and businesses. Tax experts Divakar Vijayasarthy and Sandeep Chilana shed light on these developments.
On one front, the government has introduced higher Tax Collected at Source (TCS) rates for purchasing overseas travel packages and engaging in transactions involving shares, real estate, and other assets abroad. This change is poised to impact individuals looking to invest or travel internationally, as well as businesses engaged in cross-border deals.
On the other hand, a clarificatory law imposing a 28% Goods and Services Tax (GST) on online money gaming, casinos, and horse racing is set to take effect. This targets the burgeoning online gaming industry and aims to bring greater clarity and taxation to the sector. Both these tax changes carry implications for our finances and the broader business landscape. Join us as we delve into the details with our tax experts to understand how these developments will affect us all.
Video and Host: Shishir Sinha.