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Centre Releases Rs 1.40 Lakh Crore Tax Devolution Sum To States

Indian Firms Raised Rs 5.06 Trillion In 8 Months: Economic Survey

Currently, 41 per cent of taxes collected by the Center are transferred in 14 installments

New Delhi:

The government has released the 14th installment of tax devolution of over Rs 1.40 lakh crore to the states.

“The central government released the 14th installment of tax transfers to the state governments today amounting to Rs 1,40,318 crore, against the normal monthly transfer of Rs 70,159 crore,” the finance ministry said in a statement on Friday.

This is in line with the commitment of the Central Government to strengthen the hands of the States to accelerate their capital and developmental expenditure.

See also  Centre May Moderate Divestment Target For Fiscal 2024: Report

Currently, 41 per cent of the taxes collected by the Center is transferred to the states in 14 installments during a financial year.

(Except for the headline, this story has not been edited by Our Source staff and is published from a syndicated feed.)

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