Tax devolution: Govt releases Rs 1.40 lakh cr to 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.

Tax devolution, taxation, Controller General of Accounts, Business news, Indian express, Current Affairs

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.

Listen to this article

00:00

1x 1.5x 1.8x

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.

Story continues below this ad

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.

Tags:
taxation

From Discord messages to rifle, what evidence does FIB have against Tyler Robinson in Charlie Kirk murder

Charlie Kirk death: What evidence does FBI have against arrested suspect Tyler Robinson

World2 hr ago

22-year-old Tyler Robinson from Utah has been arrested by the FBI for the murder of conservative influencer Charlie Kirk. Utah Governor Spencer Cox and FBI Director Kash Patel are confident in their case against Robinson after a family member came forward with information about his involvement. Cox thanked the family for doing the right thing.

View all shorts

Live Blog