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Centre releases Rs 95,082 cr to states as November tax devolution

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The Centre has released two instalments of tax devolution to the states amounting to Rs 95,082 crore in November, the Finance Ministry said on Tuesday.


After a meeting with all chief ministers and state finance ministers recently, Union Finance Minister Nirmala Sitharaman had said the Centre will double the amount of November tax devolution by including one advance instalment to help states push their capital expenditure.





“… the Government of India has released two instalments of tax devolution to State Governments amounting to Rs 95,082 Crores on November 22 2021, as against normal monthly devolution of Rs 47,541 Crores,” the ministry said in a statement.


Currently, 41 per cent of the tax collected is devolved in 14 instalments among states during a fiscal.


The increased amount of devolution in November is an advance release, and final adjustments will be made in March 2022.


“Rs 95,082 crore of Tax devolution to strengthen fiscal space of States,” the statement added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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The Centre has released two instalments of tax devolution to the states amounting to Rs 95,082 crore in November, the Finance Ministry said on Tuesday.


After a meeting with all chief ministers and state finance ministers recently, Union Finance Minister Nirmala Sitharaman had said the Centre will double the amount of November tax devolution by including one advance instalment to help states push their capital expenditure.





“… the Government of India has released two instalments of tax devolution to State Governments amounting to Rs 95,082 Crores on November 22 2021, as against normal monthly devolution of Rs 47,541 Crores,” the ministry said in a statement.


Currently, 41 per cent of the tax collected is devolved in 14 instalments among states during a fiscal.


The increased amount of devolution in November is an advance release, and final adjustments will be made in March 2022.


“Rs 95,082 crore of Tax devolution to strengthen fiscal space of States,” the statement added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

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