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Govt releases two instalments of tax devolution to states worth Rs 1,16,665 crore

11 Nov 2022 Evaluate

In line with the commitment of Government of India to strengthen the hands of States to accelerate their capital and developmental expenditure, the Union Government has released two instalments of tax devolution to State Governments amounting to Rs 1,16,665 crore, as against normal monthly devolution of Rs 58,333  crore.

This is the second time in FY23 that the Centre has transferred two instalments of tax devolution to state governments in the same month, with the previous occasion being in August. The Centre releases 14 instalments of tax devolution to states every year. As such, this involves two months where the instalment is double of the usual monthly amount.

According to the notification of Ministry of Finance, Rs 4721 crore released to Andhra Pradesh for November 2022, Rs 2050 crore to Arunachal Pradesh, Rs 3649 crore to Assam, Rs 11734 crore to Bihar, Rs 3975 crore to Chhattisgarh, Rs 450 crore to Goa, Rs 4058 crore to Gujarat and Rs 1275 crore to Haryana, among others.