Centre releases additional instalment of tax devolution of Rs 1.42 lakh cr to state govts

The Centre has released an additional instalment of tax devolution of Rs 1,42,122 crore to state governments.

The release of the additional instalment is aimed at strengthening the hands of state governments for financing various social welfare measures and infrastructure development schemes, the finance ministry said in a statement on Thursday.

This instalment is in addition to the tax devolution of Rs 72,961 crore already released on February 12, 2024.

With Thursday's release, states have received three instalments of tax devolution in February 2024.