How can I avail LTC cash benefit?

To avail of the benefit under this scheme, employees are required to submit bills for purchases made between 12 October and 31 March. The amount required to be spent is equivalent to three 3 times the deemed LTC fare. Bills of goods and services with GST of ₹12\% or above can be claimed under the scheme.

How do I claim my LTC cash voucher scheme?

Conditions for the LTC cash voucher scheme d) Individual was required to -collect the invoice having GST number of the seller and GST amount paid. These invoices were to be submitted to the employer to claim the benefit. Individuals were allowed to submit the invoices in their family member’s name.

What is LTC scheme for central government employees?

Those central government employees who failed to claim their Leave Travel Concession (LTC) benefit by the given due date of 31st May 2021, the Narendra Modi government has given them another chance to file their allowance claim.

Can we claim LTC cash voucher in ITR?

Claiming exemption under LTA cash voucher scheme If the employees were not able to claim the deduction under the cash voucher scheme prior to the end of the financial year, the same can be done at the time of filing of Income Tax Return (ITR).

Who can avail LTC cash voucher scheme?

Check who are eligible for the LTC cash voucher scheme: -The taxpayer should not have already exhausted the LTC exemption for the block (current block is 2018-21). Every taxpayer can claim leave travel allowance (LTA) exemption for two journeys in a block of four years.

What is LTC cash voucher scheme under GST?

The fundamental goal of the LTC Cash Voucher Scheme is to boost demand and gross domestic production by providing rewards to government and private sector employees. Employees can use their leave travel concession benefits to purchase goods and services with a GST rate of 12 percent or above under this scheme.

What is leave travel concession (LTC) cash voucher?

As a part of one of the stimulus packages in October 2020, the finance minister announced the leave travel concession (LTC) cash voucher scheme. According to this scheme, an employee would be able to claim income tax exemption on deemed LTC fare without any actual travelling, as long as they incur specified expenditure.

What services can an employee avail under LTC cash scheme?

An employee can avail of any service as long as the GST rate of such service is 12\% or above. The government has also clarified that insurance premiums would also be eligible for reimbursement under this scheme. The Indian government announced the LTC cash scheme with a view to boosting the economy.

What are the deemed values of the LTC exemption?

Employees in the private sector will receive around Rs. 36000 each individual. The following are the deemed values of the LTC exemption:- The fundamental goal of the LTC Cash Voucher Scheme is to boost demand and gross domestic production by providing rewards to government and private sector employees.