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by unmole
342 days ago
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> "India makes people loan 20% of their foreign remittances to the government interest-free" would be more accurate. It wouldn't. The TCS can be offset against other tax liabilities. The government pays out 6% interest on excess tax payments. For reference, 364 day T-bills are currently yielding ~5.5%. The idea is to force reporting and add friction. Not raise revenue. |
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