Remittance tax: Last year, India has more than FDI. The US had asked the US to impose 5 percent tax on those who sent money to India. But now the US Senate has decided to impose only 1 percent tax. This will have a major impact of the amount coming in the country through Remittens. Jagdish Vyas and his wife send money from both his daughters America. Both have been settled there after studying. They were worried about the news of 5 per cent tax on Remittens. But now they are breathing a sigh of relief due to reduced tax.
This news is no less than a festival for millions of Indians who send hard -earned money for their family, debt or investing in India. One such beneficiary Jagdish Vyas told CNBC-Awaaz that “we are living a comfortable life with the money being received by both my daughters. The US Senate has decided to impose only 1 percent tax. It will have a good impact of the money coming through Remittens in the country”.
India’s Remedy Economy
According to data from World Bank and RBI, a total of ₹ 11.60 lakh crore was received from abroad in 2024-25. In the last 8 years, the amount of remedies coming from abroad has become double. It accounts for about 25 percent of the remedies coming from the US. Millions of Indians settled in America send thousands of crores of rupees not only to their families but also in temples and other social work in the village of India. FOGA VP Manish Sharma says that a large amount of money comes from America every year in the development of the village of India.
Personal loan can also be found in a salary of 25 thousand, know how and how much money
There will be no tax on digital transfer
The good thing is that if payment is made from America through a card, then there will be no tax on it. Most Indian banks send money from account, debit card or credit card. According to the new rule, there will be no tax on the money sent by these methods. This means that sending money to India through digital path will eliminate tax concern.