India News | Centre Releases Additional Installment of Tax Devolution Worth Rs 72,961 Cr
Get latest articles and stories on India at LatestLY. The Centre has authorised the release of an additional installment of tax devolution to the states amounting to Rs 72,961.21 crore.
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.
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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.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)