The authorities has launched the 14th instalment of tax devolution of greater than ₹1.40 lakh crore to states.
“The Union Government has released 14th instalment of tax devolution to state governments amounting to ₹1,40,318 crore today, as against normal monthly devolution of ₹70,159 crore,” the finance ministry stated in a press release on Friday.
This is consistent with the dedication of the Union authorities to strengthen the fingers of states to speed up their capital and developmental expenditure, it added.
Currently, 41% of taxes collected by the Centre is devolved in 14 instalments to states throughout a fiscal yr.
