LTA Claim Exemption benefits through GST Bills | Leave Travel Allowance New Rules | IPTM Noida
LTA Claim Exemption benefits through GST Bills | Leave Travel Allowance New Rules | IPTM Noida. Claiming LTA benefits through GST paid goods and services is new LTA or leave travel concession updates for 2020-21.
Due to the Covid-19 pandemic, many people are not in a position to travel with family and, therefore, are unable to claim Leave Travel Allowance (LTA). With a view to let such persons claim LTA tax exemption and at the same time give a boost to GST (Goods and Service Tax) collection, the government announced a scheme on the 12th October 2020 for the Central government employees and, on the 29th October 2020 for all other employees, under which LTA can be claimed if you spend on the purchase of goods or services attracting GST.
- Private companies' employees too to get tax rebate for LTA spends on consumer goods
- spend three times their LTA entitlements.
- This substitutive benefit is available only to those employees who are entitled to LTA
- spending on purchase of goods or services of three times in value with a minimum 12% of GST, you will effectively pay at least 36% of the value of LTA exemption as GST for saving tax payable on your LTA entitlement.
- The current block of four years will expire next year on 31st December 2021, i.e. one year away, by which time, in all probability the severity of Covid-19 may subside and you may in fact be able to travel. As explained in video.
- For claiming the LTA exemption, both the categories of employees have to spend at least three times of the value of the their LTA entitlement. For claiming both the benefits, you have to buy goods and services from a seller who is registered under GST, and GST @ 12% or higher is payable on such goods or services. The money has to be paid through digital mode only so in case you pay cash or through cheque, you will not be able to claim the benefit. Moreover you have to submit the original copy of the tax paid invoice to the employer. In case full amount is not spent, you will get the benefit proportionately.
Thanks - Team IPTM
@iptmnoida @99Excel.Com
Видео LTA Claim Exemption benefits through GST Bills | Leave Travel Allowance New Rules | IPTM Noida канала The Institute of Payroll Training and Management, India
Due to the Covid-19 pandemic, many people are not in a position to travel with family and, therefore, are unable to claim Leave Travel Allowance (LTA). With a view to let such persons claim LTA tax exemption and at the same time give a boost to GST (Goods and Service Tax) collection, the government announced a scheme on the 12th October 2020 for the Central government employees and, on the 29th October 2020 for all other employees, under which LTA can be claimed if you spend on the purchase of goods or services attracting GST.
- Private companies' employees too to get tax rebate for LTA spends on consumer goods
- spend three times their LTA entitlements.
- This substitutive benefit is available only to those employees who are entitled to LTA
- spending on purchase of goods or services of three times in value with a minimum 12% of GST, you will effectively pay at least 36% of the value of LTA exemption as GST for saving tax payable on your LTA entitlement.
- The current block of four years will expire next year on 31st December 2021, i.e. one year away, by which time, in all probability the severity of Covid-19 may subside and you may in fact be able to travel. As explained in video.
- For claiming the LTA exemption, both the categories of employees have to spend at least three times of the value of the their LTA entitlement. For claiming both the benefits, you have to buy goods and services from a seller who is registered under GST, and GST @ 12% or higher is payable on such goods or services. The money has to be paid through digital mode only so in case you pay cash or through cheque, you will not be able to claim the benefit. Moreover you have to submit the original copy of the tax paid invoice to the employer. In case full amount is not spent, you will get the benefit proportionately.
Thanks - Team IPTM
@iptmnoida @99Excel.Com
Видео LTA Claim Exemption benefits through GST Bills | Leave Travel Allowance New Rules | IPTM Noida канала The Institute of Payroll Training and Management, India
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