Tax devolution: Govt releases Rs 1.40 lakh cr to states

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As per data by Controller General of Accounts, the Centre has devolved Rs 6.68 lakh crore to states in the current financial year during April-January, up 22.4 per cent from last year.

Tax devolution, taxation, Controller General of Accounts, Business news, Indian express, Current AffairsThe Budget for 2022-23 had projected tax devolution to states of Rs 8.17 lakh crore, which was then scaled up to Rs 9.16 lakh crore in the revised estimates, up from Rs 8.98 lakh crore devolved last year.

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The government Friday said it has released the 14th instalment of tax devolution of over Rs 1.40 lakh crore to states, as it looks to push capital expenditure.

“The Union Government has released the 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.

Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states in a financial year. In August and November 2022, the Centre had released an advance instalment each in addition to the regular monthly instalment of tax devolution to states helping ease fiscal pressure of states.

As per data by Controller General of Accounts, the Centre has devolved Rs 6.68 lakh crore to states in the current financial year during April-January, up 22.4 per cent from last year.

The Budget for 2022-23 had projected tax devolution to states of Rs 8.17 lakh crore, which was then scaled up to Rs 9.16 lakh crore in the revised estimates, up from Rs 8.98 lakh crore devolved last year.

© The Indian Express (P) Ltd

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