 "India's first full-time woman Finance Minister Nirmala Sitharaman carried the Union Budget documents in a red bag, reminiscence of the traditional 'bahi-khata'.")
The Union Budget presented on Friday, has put brakes on some funds that would have gone to states, courtesy the change in the revenue mix.
The share of states in gross tax revenue (devolution) and the funds they get for specified purposes will grow slower this year due to drop in revenue projections of taxes which fall in the divisible pool of taxes, more incremental collection from cess and surcharge, and the conditional nature of Finance Commission grants as well as centrally sponsored schemes (CSS).
According to Finance Commission (FC) formula, 42 per cent of the divisible pool
The share of states in gross tax revenue (devolution) and the funds they get for specified purposes will grow slower this year due to drop in revenue projections of taxes which fall in the divisible pool of taxes, more incremental collection from cess and surcharge, and the conditional nature of Finance Commission grants as well as centrally sponsored schemes (CSS).
According to Finance Commission (FC) formula, 42 per cent of the divisible pool
