Centre releases additional Rs 73k crore tax devolution to states
Money released for financing social welfare measures and infrastructure development: Finance Ministry
 "Finance Ministry, Ministry of Finance")
The ministry said the latest installment is in addition to the tax devolution due to states on January 10, 2023 | Photo: Shutterstock
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The Centre on Friday released to states an additional installment of tax devolution amounting to Rs 72,961.21 crore, said the Finance Ministry in a statement.
The ministry said that the money has been released for financing social welfare measures and infrastructure development, in view of the forthcoming festivities and the New Year.
By norm, money from the divisible tax pool is devolved to states in 14 annual installments: 11 in 11 months and three in March. The latest installment is in addition to the regular devolution to states.
The ministry said the latest installment is in addition to the tax devolution due to states on January 10, 2023 and the Rs 72,961.21 crore released on December 11 this year.
The highest installment of Rs 13088.51 crore has been given to Uttar Pradesh, followed by Bihar (Rs 7,338 crore) and West Bengal (Rs 5488.88 crore).
The states to receive the smallest devolution include Goa and Sikkim, Rs 281 and 283 crore.
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Topics : New Year Centre tax department Finance Ministry tax provisions Infrastructure investment economy
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First Published: Dec 22 2023 | 2:50 PM IST