The current manuscript proposes a new methodology for receiver clock offset estimation in IRNSS (Indian Regional Navigation Satellite System) which is also known as NavIC (Navigation Indian Constellation). This new methodology has been designed by clubbing the master clock concept with the traditional common view time transfer method and therefore it has been named as Common View Master Clock Method (CVMCM). The proposed methodology is intended to share the reference time uniformly and precisely across all the receiver clocks of IRNSS. The IRNSS receivers equipped at IRIMS (IRNSS Range and Integrity Monitoring Stations) acquire IRNSS satellite signals and generate code and carrier phase measurements on L5 and S frequencies. For ease of convenience, this range measurements and broadcast navigation messages are converted to standard RINEX (Receiver Independent Exchange) format in the form of RINEX observation files and RINEX navigation files respectively. As IRNWT1 (IRNSS Network Time Facility Bangalore) has been directly fetched to IRIMS Bangalore we have chosen IRIMS Bangalore as the master (reference) station. This is followed by time offset estimation of all IRIMS with respect to IRIMS Bangalore using the CVMCM method. This proposed methodology reduces all the error sources in IRNSS signals and produces very accurate time offsets results for all IRIMS. This helps in maintaining IRNSS reference time very precisely across all IRIMS with a proper time steering, thereby revamping the process of time synchronization in NavIC. Analyses were performed which establishes the stability and credibility of our results. In the process, it also corrects almost all the error sources in NavIC signals.