Monday 12 October 2020
Finance Minister Nirmala Sitharaman has introduced depart journey concession (LTC) money voucher scheme and particular pageant advance scheme for presidency workers with an goal to extend shopper spending. She introduced proposals concerning shopper spending and capital expenditure. Under shopper spending, she introduced proposals inside two parts: LTC money voucher scheme and particular pageant advance scheme.
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About the depart journey concession (LTC) money voucher scheme:
- Central authorities workers get depart journey concession in a block of 4 years–one every to a vacation spot of selection and residential city or two for residence city.
- Under this, the air or rail fare is reimbursed as per pay scale/entitlement. Also, depart encashment of ten days (pay+dearness allowance) is paid.
- However, workers won’t be able to avail the LTC within the 2018-21 yr block because of the ongoing Covid-19 pandemic. This is the place the LTC will profit authorities workers.
- In lieu of 1 LTC throughout 2018-21, workers will obtain a money cost. There will likely be full cost on depart encashment and fare will likely be paid as per three slabs relying upon the category of entitlement. Further, there will likely be no tax on fare cost.
- An worker choosing this scheme should purchase items and providers price 3 times the fare and one time depart encashment, and accomplish that earlier than March 31, 2021.
- The cash is to be spent on items attracting GST of 12% or extra and solely digital funds will likely be allowed. Also, workers should present a GST bill.
- The finance minister stated the scheme would value Rs 5,675 crore if central authorities workers go for it. However, for PSB and PSU workers, its value could be Rs 1,900 crore.
- Sitharaman additional projected that with even 50% states choosing this scheme, the federal government expects to infuse Rs 9,000 crore into the financial system.
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