Central Govt releases 14th instalment of tax devolution to State governments

Central Govt releases 14th instalment of tax devolution to State governments

• The Central Government has released the 14th instalment of tax devolution to State governments amounting to 1,40,318 crore rupees. In a statement, the Ministry of Finance said that this amount is as against the normal monthly devolution of 70,159 crore rupees.
• This is in line with the commitment of the Union government to strengthen the hands of States to accelerate their capital and developmental expenditure, it added. Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among States in a financial year. As per data by the Controller General of Accounts, the Centre has devolved  6.68 lakh crore rupees to States in the current financial year during April-January, up 22.4 per cent from last year.

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Published date : 11 Mar 2023 05:22PM