New Delhi- The Centre has released two instalments of tax devolution to the states amounting to Rs 95,082 crore in November, the Finance Ministry said on Tuesday.
After a meeting with all chief ministers and state finance ministers recently, Union Finance Minister Nirmala Sitharaman had said the Centre will double the amount of November tax devolution by including one advance instalment to help states push their capital expenditure.
“… the Government of India has released two instalments of tax devolution to State Governments amounting to Rs 95,082 Crores on November 22 2021, as against normal monthly devolution of Rs 47,541 Crores,” the ministry said in a statement.
Currently, 41 per cent of the tax collected is devolved in 14 instalments among states during a fiscal.
The increased amount of devolution in November is an advance release, and final adjustments will be made in March 2022.
“Rs 95,082 crore of Tax devolution to strengthen fiscal space of States,” the statement added. (PTI)