Govt releases 14th instalment of tax devolution to states
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New Delhi: As a monthly instalment for the states' revenue devolution, the central government has released Rs 1,40,318 crore.
"The Union Government has released 14th instalment of tax devolution to state governments amounting to Rs 1,40,318 crore today, as against normal monthly devolution of Rs 70,159 crore," the finance ministry said in a statement on Friday.
The March instalment is significantly higher than the usual monthly distribution to states of Rs. 70,159 crore.
According to a formal statement, This is in line with the commitment of the Union government to strengthen the hands of states to accelerate their capital and developmental expenditure.
Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments to states during a fiscal year
Uttar Pradesh received the highest instalment of Rs 24,783 crore among all states.
With inputs from agencies