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A thread on how this budget has destroyed Indian Travel Business and shifted business to foreign travel operators and black cash transaction due to TCS
Draft attached
First a Prayer
"Lord, This govt truly doesnt know what it is doing"
@kaul_vivek @andymukherjee70 @dugalirapic.twitter.com/0M1p6ZMaob
2/n TCS is a 5% tax on Annual Foreign Travel Remittance above 7Lakhs done through Indian Agents It is even applicable for direct Foreign Hotel payments &for bookings done through domestic portal like MMT This is EVEN applicable for corporate overseas travelpic.twitter.com/zo9rXRenuM
3/N The catch is it is not applicable IF you do the booking through a FOREIGN online travel portal OR buy USD cash and pay the FOREIGN hotel at time of checkin Surprise Surprise... No Indian customer will pay a 5% tax
4/n He will instead do booking through a foreign portal OR negotiate directly with hotel to block on credit card guarantee The customer pays in USD cash (which he buys in black money) when he lands at hotel Or he will do a cash hawala remittance (Hawala rate 2-3%)
5/n Since the amount is TOTAL for the entire year, it basically finishes of any high value client business for Indian agents /tour operators etc Even Indian/ MNC corporates will prefer to route their bookings through overseas offices Travel companies employ close to 25Mn ppl
If person does booking w/booking.com
The Govt loses GST&TCS
The customer pays w/black money at hotel directly
The comission which earlier would have gone to Indian agents now goes to http://booking.com
Indian jobs destroyed
Foreign jobs created
Wah Modiji Wah 
This TCS thing is so weird, it will mean a Microsoft shifting their entire Overseas travel booking base outside India Who loses? Indian credit card companies Indian banks making FX fee Indian agents Who gains? Foreign CC companies Foreign banks making FX fee Foreign agent
I was discussing with somebody
This will shrink Indian travel business by 20-30%
Stock recommendation
SELL THOMAS COOK
(I mean sell the shit out of it. It’s over)
It also finishes online travel startups like pickyourtrail &travel triangle
@SubhadipNandy @InvesysCapital
A clarification by @rajivmehta19
Even though it works as a advance payment of income tax, most people wil not get a refund as the receiving entity doesn’t have an India presence and doesn’t file taxes in Indiapic.twitter.com/8OyJ2Kv4G7
It is obviously inconvenient. May not be a fresh tax ‘cause TCS is just like TDS. It can be adjusted in tax returns. Not sure overseas portals can help ‘cause govt can force them to deduct and remit. And cash USD beyond limit can be taxed at bank. So no escape !
No. You can claim refund only if receiving entity has presence in Indiapic.twitter.com/jco4Do2ozK
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