Business Desk, Tech for FTCP, New Delhi
Updated Wed, 11 Nov 2020 02:48 PM IST
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In this context, the Department of Expenditure of the Ministry of Finance made it clear that even if an employee has not formally opted to join the scheme, it will still be able to purchase goods or services with more than 12% GST on or after October 12. Can claim to receive funds.
The Department of Expenditure stated that, 'Challan for goods and services purchased under the scheme can be in the name of the spouse or any other family member who is eligible for LTC.' To boost demand in the economy, the government has announced a cash voucher in lieu of Holiday Travel Concession (LTC) to its employees this year.
These vouchers can only be used to purchase non-food items that attract Goods and Services Tax (GST). Employees can use those vouchers to buy products that have a GST rate of 12 per cent or more. Every four years, the government gives LTC to its employees to travel to a destination of their choice. In addition, an LTC is given to them to visit their home state.
Announcing the scheme, Finance Minister Nirmala Sitharaman said on October 12 that it is difficult for employees to travel this year due to the Kovid-19 epidemic. In such a situation, the government has decided to give them cash vouchers. It will have to be spent by 31 March 2021.
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