In the second set of FAQs (repeated questions), the government has stated that central government employees can avail the LTC cash voucher scheme by purchasing goods or taking services in the name of wife or family members also
The government had last month announced the LTC cash voucher scheme for central employees. Under which the scheme benefits the cost of ltc fare up to three times. The Finance Ministry has been asked questions on this, the Finance Ministry has listed these questions and answered it. After the first FAQs, the second set has also been answered by the Department of Finance’s expenditure
In the second set of FAQs (frequently asked questions), the government has stated that central government employees can avail the LTC cash voucher scheme by purchasing goods or services in the name of wife or family members. See questions and answers from the Finance Ministry on ltc cash voucher scheme
Questions-Answers on LTC Cash Voucher Scheme
Question No. 1 – provide proof on the date of 12Th October 2020 for purchase
On behalf of the Expenditure Department of the Ministry of Finance, it said that all purchases made on or after 12 October 2020, but made before 31st March 2021, will all be covered under the scheme and the employees will get the benefit of the reassessment.
Question No. 2-Will the scheme benefit when the purchase is made in the name of family members?
Any goods or service will benefit from the LTC cash voucher scheme even if purchased in the name of a family member such as husband, wife, son, daughter. Provided GST on value of goods and services should be 12 percent or above. These family members should also be on a valid list for LTC Fair.
Question No. 3- Whether the emi’s will also come under the purview of the scheme
If anything or service has been purchased after October 12, and has a GST receipt. If the employee is paying these things, services as EMIs, he will also be entitled to ltc cash voucher scheme, which can avail the benefit of the scheme.
What is LTC Cash Voucher Scheme
The Finance Ministry had announced a cash voucher scheme for central employees in lieu of LTC on October 12. To avail this scheme, employees will have to purchase products and services on which GST is 12 percent or more. Till now, employees had to travel to get LTC money and deposit their bills, or they had to leave the amount.
This scheme benefits only if the employee chooses this option in lieu of ltc for 2018-21. The employee will have to spend at least 3 times the valid LTC rent to avail the benefit of the scheme on buying goods that cost at least 12 percent GST. These payments will be made digitally between October 12, 2020 and March 31, 2021. This purchase receipt and GST invoice must also be required.