Centre releases additional installment of tax devolution worth Rs72,961 cr

New Delhi: The Centre has authorised the release of an additional installment of tax devolution to the states amounting to Rs72,961.21 crore.

“In view of the forthcoming festivities and the New Year, the Union Government has authorised the release of an additional installment of tax devolution amounting to Rs72,961.21 crore to strengthen the hands of state governments for financing various social welfare measures and infrastructure development schemes,” the finance ministry said in a statement.

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The installment is in addition to the tax devolution installment due to states January 10, 2024 and the installment of Rs72,961.21 crore already released December 11, 2023.

Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year.

PTI