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The Indian government released an additional installment of Rs 72,961.21 crore as tax devolution to states, beyond the regular 14 installments recommended by the Finance Commission. This extra fund aims to strengthen the states' capacity for financing social welfare measures and infrastructure projects.
The instalment is in addition to the usual monthly devolution instalment of Rs 72,961.21 made earlier on December 11 and also in addition to the tax devolution instalment due to states on January 10, 2024.
The early release enables state governments to make in-time releases during the festival season, says the union government , , central government, state governments, Tax Devolution, ministry of finance
The Centre authorised release of tax devolution of Rs 72,961.21 crore to states for November. Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year.
Tax Devolution to 13 states will be Rs 3.1 trillion, , icra, ICRA Ratings, Tax Devolution, state governments