Centre releases Rs 1.40 lakh crore tax devolution amount to states

The government has released the 14th instalment of tax devolution of more than Rs 1.40 lakh crore to states.

''The Union Government has released 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.

This is in line with the commitment of the Union government to strengthen the hands of states to accelerate their capital and developmental expenditure, it added.

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