Government releases two instalments of tax devolution to State Governments amounting to Rs 1,16,665.75 crore as against normal monthly devolution of Rs. 58,332.86 crore
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Ministry of Finance on 10th of August 2022 released two instalments of tax devolutions to state Governments which is amounting to Rs. 1.16 lakh crores. This amount is almost twice the monthly devolutions of Rs. 58 thousand crores.
This money passed to State Governments which is in line with Central Government commitment to strengthen the hands of State Governments to accelerate their capital and development expenditure.
Few top State Governments which receives highest share in the instalments which includes Uttar Pradesh (Rs 20K crores), Bihar (Rs 11K crores), Madhya Pradesh (Rs 9K crores), Rajasthan (Rs 7K crores), West Bengal (Rs 8.7K crores) (For other statewise share and for exact amount of share received by each state- Please refer link
Taxation Insight
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