Centre releases 2 instalments of tax devolution totalling Rs 1.16 lakh cr to states

The Centre on Wednesday released two instalments of tax devolution totalling Rs 1.16 lakh crore to states.

This is in line with the commitment of the government to strengthen the hands of states to accelerate their capital and developmental expenditure, a finance ministry statement said.

''The Union Government has released two instalments of tax devolution to State Governments amounting to Rs 1,16,665.75 crore on 10th August, 2022, as against normal monthly devolution of Rs 58,332.86 crore,'' it said.

Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year.