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Govt releases two instalments of tax devolution to states amounting to Rs 1,16,665 cr

PUNJAB NEWS LINE | August 10, 2022 05:10 PM

The Centre on Wednesday released two instalments of tax devolution to the state governments amounting to Rs 1,16,665.75 crore.
NEW DELHI: The Centre on Wednesday released two instalments of tax devolution to the state governments amounting to Rs 1,16,665.75 crore.

In a statement, the Union Finance Ministry said that the two installments have been released as against the normal monthly devolution of Rs 58,332.86 crore.

"This is in line with the commitment of the Government of India to strengthen the hands of states to accelerate their capital and developmental expenditure," it said.

As per the ministry, states like Andhra Pradesh received Rs 4,721.44 crore, Assam received Rs 3,649.30 crore and Bihar got Rs 11,734.22 crore.

Similarly, Uttar Pradesh received Rs 20,928.62 crore while Madhya Pradesh got Rs 9,158.24 crore.

The share of states in the Central taxes -- at the aggregate level of 41 per cent -- was decided by the 15th Finance Commission. Typically, this is transferred in 14 installments in a fiscal year.

 
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