Seventh Pay Commission: The Central Government had given a major alleviation to the central workers in the last budget (Budget 2021). All things considered, the Government has advised the Cash Voucher Scheme (LTC Cash Voucher Scheme) in Budget 2021 in the Traveling Allowance Leave Scheme for the workers.
After this, the central representatives don’t need to pay charge on this sum. It is normal that in the Budget 2022 likewise large declarations can be made for the central representatives.
What is Cash Voucher Scheme
The plan was declared on 12 October 2020. Prior this plan was distinctly for central workers yet later private and other state representatives were likewise remembered for this plan. In the spending plan discourse, Finance Minister Nirmala Sitharaman said that LTC has been kept in tax deduction because of Covid 19 Mahamari.
The government trusts that this plan will likewise acquire more cash the pockets of government workers and when there is cash, it will likewise spend it. The economy will profit from this entire framework. Workers who couldn’t exploit LTC because of Corona, those representatives will be given the advantage of money voucher plot in movement stipend leave scheme.
What is LTC
Central workers get LTC in 4 years. In this allowance, he can travel anyplace in the country once during this period. During this time, the representative gets an opportunity to go to his old neighborhood ie home two times. In this travel allowance, the worker gets the expense of air travel and rail travel. Alongside this, representatives additionally get PL (Priviledged Leave) of 10 days.
Rules for Cash Voucher Scheme
Cash installment will be given to the workers in lieu of LTC.
Travel allowance will be paid by the grade of the worker.
Installment of admission will be totally tax exempt.
The representative exploiting this plan should burn through multiple times the passage.
For leave encashment, a similar sum should be spent.
Should be spent before 31 March 2021.
Workers should spend through cash on that thing, which draws in 12% or more GST.
The administrations or merchandise must be secured distinctly from a GST enrolled seller or broker.
Installment for administrations or merchandise will likewise must be done carefully.
GST receipt should be given while asserting travelling allowance or leave allowance.
