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FM unveils measures to boost consumer demand

Monday, October 12, 2020, 13:03 Hrs  [IST]

Nirmala Sitharaman, Finance Minister, today announced measures, such as, LTC cash voucher scheme and Special Festival Advance Scheme, to boost the consumer demand in the country. The Finance Miniter said, "Consumer spending and capital expenditure will be the two focus areas. Govt employees need to be incentivised to contribute to the revival of demand for the benefit of the less fortunate. Employees opting for this scheme will br required to buy goods or services worth 3 times the fate and one-time leave encashment before 31 March, 2021. It will cost INR 5,675 cr if central govt employees opt for LTC cash voucher scheme"

The announcement has also mentioned that, in lieu of one LTC during 2018-21, cash payment will be made as follows; full payment on leave encashment and payment of fare in 3 flat-rate slabs depending on class of entitlement and the fare payment to be tax-free, but this money has to be spent: on goods attracting GST of 12% or more (GST invoice is a must), through digital mode.

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