New LTC cash voucher scheme: What private sector employees should know
4 years, 2 months ago

New LTC cash voucher scheme: What private sector employees should know

Live Mint  

To boost consumer demand in the coronavirus-hit economy, Finance Minister Nirmala Sitharaman on Monday announced two proposals -- Leave Travel Concession Cash Voucher Scheme and Special Festival Advance Scheme. We are presenting two proposals -- the Leave Travel Concession Cash Voucher Scheme and Special Festival Advance Scheme -- to stimulate consumer spending." "We expect that private sector would be happy to lap-up the LTC voucher scheme to give it their employees," said Tarun Bajaj, Secretary, Department of Economic Affairs. Finance Minister said under the LTC Cash Voucher Scheme, government employees can opt to receive cash amounting to leave encashment plus three times ticket fare, to buy items, which attract GST of 12% or more.

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History of this topic

Govt’s LTC scheme is a step in the right direction, but needs more clarity
4 years, 1 month ago

Govt’s LTC scheme is a step in the right direction, but needs more clarity

Live Mint  

In one of the recent fiscal stimulus packages, the finance minister announced the leave travel concession cash voucher scheme, whereby deemed LTC fare may be claimed as exempt from income tax without any actual travel, provided the recipient employee incurs specified expenditure. As per the new LTC scheme, an employee will be eligible for deemed LTC fare which will be …

LTC cash voucher: Govt employees can make purchases in family member’s name
4 years, 1 month ago

LTC cash voucher: Govt employees can make purchases in family member’s name

Live Mint  

Central government employees availing the LTC cash voucher scheme can purchase goods or services in the name of spouse or other family members eligible for LTC fare. The second set of FAQ issued by the Department of Expenditure also clarified that an employee can claim reimbursement for the purchase of goods and services, attracting GST of 12 per cent or …

No Additional Compliance Burden on Private Cos for LTC Scheme: Finance Secretary
4 years, 1 month ago

No Additional Compliance Burden on Private Cos for LTC Scheme: Finance Secretary

News 18  

Private sector companies offering the benefit of the new LTC cash voucher scheme to its employees will not have to undertake any additional compliance burden, Finance Secretary Ajay Bhushan Pandey said. Last week, Income Tax Department extended the I-T exemption available under the LTC cash voucher scheme to employees of private sector. Asked how the scheme would work for private …

Govt. employees can submit multiple bills to avail LTC benefit
4 years, 1 month ago

Govt. employees can submit multiple bills to avail LTC benefit

The Hindu  

Central government employees can submit multiple bills of goods and services purchased in their own name to avail the benefit of the LTC cash voucher scheme, according to the Finance Ministry. The Expenditure Department, under the Ministry, has issued a set of FAQs on LTC cash voucher scheme, clarifying that an employee can also avail the scheme utilising the applicable …

Delhi govt’s festive bonus: Employees can opt for cash equivalent of LTC, ₹10,000 advance
4 years, 2 months ago

Delhi govt’s festive bonus: Employees can opt for cash equivalent of LTC, ₹10,000 advance

Live Mint  

To boost consumer spending during the festive season, the Delhi government on Thursday announced that its employees can take cash equivalent of leave travel concession if they opt for it. "Firstly, in a bid to boost the consumption expenditure and incentivise its employees, Delhi government has announced a special cash package in lieu of LTC for the Delhi government employees …

A closer look at LTC cash voucher scheme
4 years, 2 months ago

A closer look at LTC cash voucher scheme

Live Mint  

The finance minister recently announced a special cash package for central government employees that aims at meeting the twin objectives of employee tax saving and increasing consumer spending. The package has two schemes - Leave Travel Concession Cash Voucher Scheme Special Festival Advance Scheme Here is a look at the detail of the schemes that were announced: Leave Travel Concession …

LTC cash voucher scheme gives option to avail benefits without travelling, clarifies govt
4 years, 2 months ago

LTC cash voucher scheme gives option to avail benefits without travelling, clarifies govt

Live Mint  

Clarifying doubts over the latest LTC cash voucher scheme, the finance ministry said that the latest scheme offers employees an option to "spend on something other than travel". To boost consumption, the central government on Monday introduced LTC cash voucher scheme. To avail the benefits under the LTC cash voucher scheme, an employee needs to fulfill these conditions a) The …

LTC cash voucher scheme for employees: How will it work? Should you opt for it?
4 years, 2 months ago

LTC cash voucher scheme for employees: How will it work? Should you opt for it?

Live Mint  

Finance Minister Nirmala Sitharaman on Monday announced LTC cash voucher scheme for the central government employees to boost consumption ahead of the festive season. "Considering this peculiar scenario and due to the need to boost demand, the government has introduced new LTC voucher scheme wherein the Central government and its PSUs shall pay to its employees the maximum amount of …

LTC bonanza for those who plan to spend big
4 years, 2 months ago

LTC bonanza for those who plan to spend big

Live Mint  

The finance minister’s announcement of a leave travel concession cash voucher scheme for employees will benefit big spenders. Under Section 10 of the Income Tax Act, generally, both government and private sector employees are allowed to claim tax exemption on the money spent against travel fare for themselves and family members twice in a block of four years on showing …

Retail to get a fillip from govt schemes
4 years, 2 months ago

Retail to get a fillip from govt schemes

Live Mint  

Finance minister Nirmala Sitharaman on Monday announced measures that could generate an additional ₹36,000 crore in consumer demand and drive sales of products such as mobile phones, household appliances, furniture and apparel. The LTC cash voucher scheme and the special festival advance scheme for all central government employees, will encourage them to spend on high-value items, stoking demand for such …

Centre to give Rs 10,000 special festival advance to all govt employees; LTC cash voucher scheme announced
4 years, 2 months ago

Centre to give Rs 10,000 special festival advance to all govt employees; LTC cash voucher scheme announced

India TV News  

In a bid to stimulate demand in the economy, the government on Monday announced giving out cash vouchers to central government employees this year in lieu of leave travel concession fare which could be spent only on buying non-food GST-rated items. Finance minister said that the government will give Rs 10,000 special festival advance all its employees as one-time measure …

Govt announces LTC voucher scheme for employees: 5 things to know
4 years, 2 months ago

Govt announces LTC voucher scheme for employees: 5 things to know

Live Mint  

Finance Minister Nirmala Sitharaman on Monday announced giving out cash vouchers to central government employees this year in lieu of leave travel concession fare which could be spent only on buying non-food GST-rated items. To incentivise the govt sector employees Every four years, central government employees get LTC to any destination to their choice plus one to their hometown. Central …

Govt to give cash vouchers to staff in lieu of LTC this year, says Finance Minister Nirmala Sitharaman
4 years, 2 months ago

Govt to give cash vouchers to staff in lieu of LTC this year, says Finance Minister Nirmala Sitharaman

The Hindu  

Finance Minister Nirmala Sitharaman unveiled new proposals to stimulate demand in the economy in the wake of the coronavirus pandemic. Addressing a press conference, Ms. Sitharaman said that she has broadly classified the proposals into two different compartments — consumer spending and capital expenditure. Consumer spending proposals The Finance Minister said that the consumer spending proposals include a LTC cash …

Interest-free 50-year loans to states for capital expenditure for ₹12,000 crore: Nirmala Sitharaman
4 years, 2 months ago

Interest-free 50-year loans to states for capital expenditure for ₹12,000 crore: Nirmala Sitharaman

Live Mint  

Finance Minister Nirmala Sitharaman today announced steps to stimulate consumer demand including advance payment of a part of the wages of central government employees for spending during the festival season, part of efforts to bolster the economy hit by the coronavirus pandemic. Here's are highlights of Finance Minister Nirmala Sitharaman's press conference: -We estimate that the measures announced today, for …

Festival bonanza for central govt employees: Rs 10,000 advance to all, LTC cash voucher
4 years, 2 months ago

Festival bonanza for central govt employees: Rs 10,000 advance to all, LTC cash voucher

India Today  

Finance Minister Nirmala Sitharaman on Monday announced two schemes to incentivise consumer spending and boost the country’s GDP as part of the Centre’s fresh economic revival push. As part of increasing consumer spending, Sitharaman announced two schemes -- LTC Cash Voucher Scheme and Special Festival Advance Scheme -- to primarily benefit central government employees. Special Festival Advance scheme Sitharaman also …

LTC Cash Voucher, Festival Advance Transfer: How central govt employees benefit
4 years, 2 months ago

LTC Cash Voucher, Festival Advance Transfer: How central govt employees benefit

India Today  

The government on Monday announced two measures aimed at increasing consumer spending — the LTC Cash Voucher scheme and Special Festival Advance Transfer scheme. The schemes primarily focus on offering cash benefits to central government employees as the government believes that it will lead to higher consumer spending during the festive season. Here is all you need to know about …

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