Centre releases two instalments of tax devolution to State Governments
Sakshi Education
The Centre has released two instalments of tax devolution to State Governments amounting to 95,082 crore as against normal monthly devolution of 47,541crore rupees.The released amount of tax devolution will strengthen fiscal space of States.
Centre releases two instalments of tax devolution to State Governments
Out of the total amount, the highest amount of nearly 17,056 crore rupees has been released to Uttar Pradesh followed by around 9,563crore rupees to Bihar, 7,463 crore rupees to Madhya Pradesh while West Bengal has received around 7,152 crore rupees.After the virtual meeting with Chief Ministers, State Finance Ministers, and Lt. Governors of UTs to step up investment, infrastructure, and growth which was held on 15th of this month, Union Minister for Finance Nirmala Sitharaman had promised to release the amounts to the States.
