Two tax devolution installments worth Rs 1.16 lakh crore cleared

"The Union Government has released two instalments of tax devolution to State Governments amounting to Rs. 1,16,665 crore today, as against normal monthly devolution of Rs. 58,333 crore," the finance ministry said in a statement.

By ET Bureau | Updated: Nov 10, 2022, 11.41 PM IST

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

The Centre Thursday released two installments of tax devolution to states worth ?1.16 lakh crore. This is more than the normal monthly devolution of Rs 58,333 crore.

The release of two installments is in line with Centre's commitment to push developmental and capital expenditure by states, the finance ministry said.

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