Insta
Finance Ministry Announces LTC Voucher Scheme, Expected To Boost Demand By Rs 28,000 Crore
Union Finance Minister Nirmala Sitharaman (Twitter)
Finance Minister Nirmala Sitharaman in a press conference on Monday (12 October) announced a Leave Travel Concession (LTC) voucher scheme to encourage spending by government employees.
Sitharaman said that this proposal is designed to boost demand for services offered by the less-fortunate sections of the society.
Under this LTC voucher scheme the beneficiaries opting for the same will be required to buy goods and services worth three times the fare encashment and equivalent to the leave encashment.
The transactions will also have to be made digitally and goods entailing a GST of 12 per cent or more can be brought from GST registered vendors. These purchases need to be made by 31 March 2021.
This scheme is expected to cost around Rs 5,675 crore for central employees and Rs 1,900 crore for Public Sector Unit and Public Sector Bank employees. Tax concession will also be provided to states and private sector for employees entitled to LTC.
The Finance Ministry as a expects to generate demand to the tune of Rs 28,000 crore out of which the central demand infusion is expected to be Rs 19,000 crore.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
