 "Centre releases tax devolution to states early citing festive season")
The finance ministry on Tuesday released tax devolution of Rs 72,961.21 crore to state governments for November, three days ahead of the schedule, citing festival season. The usual date for the release of the funds was November 10.
Uttar Pradesh has received the highest devolution of Rs 13,088.51 crore, followed by Bihar (Rs 73,38.44 crore).
“This will enable the state governments to make in-time releases and add to the festivities and celebrations among the people,” the ministry said in a statement.
According to the 15th Finance Commission’s recommendations, the Centre expects to transfer Rs 10.21 trillion to states this year, according to the Budget Estimates for 2023-24.
By norm, money from the divisible tax pool is devolved to states in 14 annual instalments: 11 in 11 months and three in March.
The lowest devolution for November has gone to Goa and Sikkim at Rs 281 crore and Rs 283.10 crore, respectively.
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