 "Centre releases third instalment of Rs 1.42 trillion to states in February")
Aided by robust tax collections, the Centre on Thursday released the third instalment of tax devolution to the tune of Rs 1.42 trillion to the states in February.
The Centre generally releases 14 instalments to the states in a year, one each in 11 months and three in March. The latest release is yet another additional devolution. The Union government had also released additional devolution in December.
The transfer of a portion of central taxes to the states would strengthen the hands of state governments for financing various social welfare measures and infrastructure development schemes, the Finance Ministry said in a statement.
The biggest share went to Uttar Pradesh at Rs 25,495 crore, followed by Bihar (Rs 14,295 crore), Madhya Pradesh (Rs 11,157 crore), West Bengal (Rs 10,692 crore), Maharashtra (Rs 8,978 crore) and Rajasthan (Rs 8,564 crore).
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