Govt Releases Two Instalments Of Tax Devolution To States Amounting To Rs 1,16,665 Cr

The government releases two installments of tax transfer to states that amount to the sum of Rs. 1,16,665 crore

New Delhi, Aug 10 : The Centre on Wednesday released two tranches of tax devolution for states’ governments in the amount of approximately 1,16,665.75 crore.
In an announcement released by the Union Finance Ministry said that the two installments were released as opposed to the typical monthly devolution of Rs 58,332.86 crore.

 Govt Releases Two Instalments Of Tax Devolution To States Amounting To Rs 1,16,6-TeluguStop.com

“This is in accordance with the policy of the Government of India to strengthen the capacity of states to increase their development and capital expenditure,” it said.

According to the ministry, states such as Andhra Pradesh received Rs 4,721.44 crore, Assam received Rs 3,649.30 crore, and Bihar received the sum of 11,734.22 crore.

Similar to that, Uttar Pradesh received Rs 20,928.62 crore, while Madhya Pradesh got Rs 9,158.24 crore.

The percentage of states in the Central taxes — at an total level of 41 percentwas determined by the 15th Finance Commission.Typically it is transferred in fourteen installments in the fiscal year.

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