The Union government has released Rs 1.78 lakh crore in tax devolution to states, including an advance instalment of Rs 89,086.50 crore ahead of the festive season. This move aims to boost state spending and development.
New Delhi, Oct 10 (PTI) The union government on Thursday released tax devolution of Rs 1,78,173 crore to states including one advance instalment of Rs 89,086.50 crore in addition to regular instalments in view of the festive season.
States get normal monthly devolution of Rs 89,086.50 crore.
Advance instalment released in view of upcoming festive season and to enable states to accelerate capital spending and finance their development/welfare-related expenditure, the Finance Ministry said in a statement.
Currently, 41 per cent of taxes collected by the Centre is devolved to states on a regular instalments.
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