LTA exemption if we pay GST @12% or higher while buying things.
Do you have a query about LTA exemption in case of GST beyond 12%? Searching for detailed reasons to understand the exemption in layman language? You can scroll through this Ask Expert page and understand if this information is authentic.
I have heard somewhere and searched on internet for Salaried Employee LTA exemption due to Covid Pandemic.
Generally LTA is exempted based on Travel. But due to Covid, travelling is reduced and Government has declared some alternate way to claim LTA under GST. If we pay @12 % or more GST for products, that can be claimed under LTA exemption for Private Sector Employee.
Can someone help to understand this exemption in detail having simple language so that non-financial person can understand it?
Also let me know is this news are authentic?
Generally LTA is exempted based on Travel. But due to Covid, travelling is reduced and Government has declared some alternate way to claim LTA under GST. If we pay @12 % or more GST for products, that can be claimed under LTA exemption for Private Sector Employee.
Can someone help to understand this exemption in detail having simple language so that non-financial person can understand it?
Also let me know is this news are authentic?