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Amazon Tax Benefits on Mobiles, Appliances, TVs & more - *In Lieu of Leave Travel Concession Benefit
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https://www.amazon.in/b?node=22737624031...rd…
Tax Benefits on Mobiles, Appliances, TVs & more with 3 simple steps:-
(*_In Lieu of Leave Travel Concession Benefit)
- STEP 1: Purchase good/services with 12% or more GST.
- STEP 2: Get invoices for these orders from Your Amazon’s ‘Your Orders’ Section.
- STEP 3: Submit the invoices to your employer to avail income tax benefit.
Frequently asked questions
Q. How to claim special cash package equivalent in lieu of Leave Travel Concession fare (‘tax benefit’)?
Ans: Kindly contact your employer on eligibility and process for claiming this tax benefit.
Q. What type of purchases are eligible for this tax benefit?
Ans: Purchases of goods/ availing of such services carrying GST rate of 12% or more from GST registered vendors/ service providers through digital mode are eligible for such tax benefit.
Q. How to obtain GST invoice/ details for claiming this tax benefit for purchases on Amazon.in?
Ans: GST invoices for applicable orders are available in ‘Your orders’ section on Amazon.in or you can consider invoices received along with packages.
Q. Which time period of purchase is covered for this tax benefit?
Ans: Purchases from October 12, 2020 to March 31, 2021 is covered under this tax benefit. Kindly check with your employer for eligibility and process for claiming this tax benefit.
Q. Where can I find more information for this tax benefit?
Ans: You may refer the office memorandum / press release by Ministry of Finance/ Central Board of Direct Taxes here.
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Deal Wiki
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Last updated by: admin
Easy way to save some Tax if you have bought electronics/car/any goods or services between 12th oct 2020 to 31st march 2021.
Ask your Employer for this benefit.
Its extended to all Private organization Employees too.
Key things to Note:
1) An employee needs to spend three times the amount of LTA on the purchase of goods or services, having a GST rate of 12 percent or more.
(b) The amount must be spent during the period October 12, 2020 – March 31, 2021.
(c ) The payment must be made through a digital mode which includes cheque, UPI, debit/credit card, etc., and required to furnish a copy of invoices to the employer containing GST number of the vendor and GST amount paid.
(d) The employees also have an option to submit a self-attested copy of the invoices in case they want to retain the original copies for their future reference.
(e) The bill should be in the name of an employee only.
LTA (in our company it is Twice of Basic) = Eg 80000
Amount to be spent : Rs. 80,000 × 3 = Rs. 2,40,000
Thus, if an employee spends Rs. 2,40,000 or above on specified expenditure, he shall be entitled for full LTA amount income-tax exemption.
However, if the employee spends Rs. 1,80,000 only, then he shall be entitled for 75% (i.e. Rs. 60,000) of LTA amount income-tax exemption.
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Only for Central Govt Employees
Edit: as other dimers suggested its applicable to private sector employees too, good thing, let me use it.
Thanks OP and others
I think this opportunity can be utilized by DD admins too. What say @bumblefoot @MJ911 @Priyanka @Rosh_0007 @ankur2.0
Has anyone confirmed this with their respective employers??
We have received mail also about encashing LTC.
The onyl condition is services/products should be on employee name and GST % is 12 or more..
So it will be applicable for all online purchases and mobile bill payments too
If anyone can clarify please :
I too got to claim tax benefits under this.
But I am paying 0 taxes.
So will the company pay me the sum that I purchase from Amazon ? Or it can only be availed as tax benefits ? In that case , no benefit for me. Since I am paying 0 tax
If paying zero tax then not for you just like me.
On the topic of taxes and amazon, I have a doubt about the input GST claim. Few of my friends purchased some devices online for self use and claimed the input GST from their ITR fillings or whatever it is.
I am no expert but from what I found on google this option is only for those who want to sell these further like Shopkeepers or resellers.
But my friends insist It’s not like this.
Can anyone clarify.
From what I know, GST input credit (the GST you had paid) can be claimed by person who are GST registered and who file GST returns. Not in ITR forms.
Only this year , under the special LTC scheme, normal ITR filing person can use the GST paid for waiver of tax on LTC amount.
Vu
Does Endowment plan comes under this?
Endowment plan has 18% gst on 25% value. I.e. 4.5% on total investment.
Even i want to know this
My company didn’t provided this. Can we use this while we file ITR?
I think you cannot, because LTC is part of CTC, so you can’t utilise it unless your employer provides 
I am confused about it, I am paying 0 taxes as of now, can I still avail the benefits?
No buddy, even though you uploaded invoice if your employer allows, it’s useless. It is only useful to who are paying taxes and whose taxable income including deductions/exemptions is above 5L then those people can be beneficial from it.
I would say one more point, if anyone is using 80C section to keep their taxable income less than 5L, they can get relief of thier LTC limit over 80C investments. For example, I want to invest 50k as PPF under 80C so that my taxable income is less than 5L and I have 50k LTC limit, so I can get over PPF and use this LTC scheme and make my taxable income less than 5L.
I bought a Kwid car at 28% GST in November 2020.Will I get any benefits on this..someone pls explain.Thanks
Yes I think, any good and services above 12% is eligible for this, but make sure you ask your employer finance team before submitting.
Thanks @admin for the Deal Wiki Updates in Simple Terms. But, It’s not limited to only electronics, even availing of such services carrying GST rate of 12% or more from GST registered vendors/service providers through digital mode are eligible for such tax benefit.
So, please update the wiki once again to avoid the confusion.
I got similar email from my company but not sure on it. Will follow this topic and read comments to gain knowledge. HA for creating this topic.
1. Purchased many mobioes but bill is not on my name. Is there any workaround?
2. Is gst bill required from az/fk for this or normal bill will work?
3. Which all items do we have in 12% and above? Phones? Microwave?
1. Should be on your name, you can change to word doc, change name and back to pdf, but I feel risky.
2. Any online payment, refer wiki section. If you paid offline, do payment online and make sure bill has gst details.
3. So many like Mobile phones, Washing machine, refrigerator, grinders, mixer, vaccum cleaners, Television, movie tickets, micro wave..etc you can google individual item to know its gst rate..
Need suggestions for investments for LTC scheme.
Just one point to add….
Some employers are asking transaction details as well ….they says it should be online payment mode only so card or bank statement can be verified.
Other points
-Bill should be on your name only and applicable on electronic goods.
-Mobile comes under 18%gst.
Every points are there in the Deal/Post/Wiki Description only. It’s clearly mentioned in the STEP 3 "Submit the invoices to your Employer to avail the Income Tax Benefit. In Q&A, it’s mentioned that the purchase should be through digital mode, and on your name.
Just 2 corrections:-
- This Benefit can be availed both on Goods and Services, provided the Vendor or Service Provider is GST-registered, and the GST rate on items purchased should be of 12% or more.
- the employees also have an option to submit the invoices in the name of family members as well.
(Read more at:
https://economictimes.indiatimes.com/wealth/tax...)
Hope it helps.
How can we show online payment in furniture or paints purchased from store??
Ask them for GST bill (Store must be registered with GST).
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is it applicable on elctricity bill?
.
Don’t stoop to such low mentality with these practices.
Q: My friend has purchased property land. is it coming in this tax exemption?
A: GST is not applicable to the sale of land because it is neither treated as supply of goods nor the supply of services as per Schedule III of the CGST Act, 2017. Land is identified as immovable property, and so, it does not attract GST. Only stamp duty is payable on land purchases
You yourself have given answer to your question. Check step 1 in the description. It says – Purchase goods/services with 12% or more GST. And land doesn’t come under GST, so no question of LTC Benefits in your friend’s case.
Hi @admin @MJ911 @ankur2.0 @Rosh_0007
Please help me out here to move this topic to right forum, as I’m not sure which one is this suitable for. I’ve also raised an alert for admin.
Sorry for the trouble, and Thanks in Advance.