Centre releases two installments of tax devolution to State Governments

The Centre has released two installments of tax devolution to State Governments amounting to 95 thousand 82 crore rupees as against normal monthly devolution of 47 thousand 541 crore rupees.

The released amount of tax devolution will strengthen fiscal space of States.

Out of the total amount, the highest amount of nearly 17 thousand 56 crore rupees has been released to Uttar Pradesh followed by around 9 thousand 563 crore rupees to Bihar, 7 thousand 463 crore rupees to Madhya Pradesh while West Bengal has received around 7 thousand 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.

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