Centre Releases Rs 72,961 Cr Tax Devolution to States

New Delhi, Dec 22 (PTI) The Centre has authorised the release of an additional installment of tax devolution to the states amounting to Rs 72,961.21 crore.

"In view of the forthcoming festivities and the New Year, the Union Government has authorised the release of an additional installment of tax devolution amounting to Rs 72,961.21 crore to strengthen the hands of state governments for financing various social welfare measures and infrastructure development schemes," the finance ministry said in a statement.

The installment is in addition to the tax devolution installment due to states on January 10, 2024 and the installment of Rs 72,961.21 crore already released on December 11, 2023.

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