New Delhi, Oct 31 The Centre on Saturday released additional instalment of tax devolution to state governments totalling over Rs 1.09 lakh crore.
Finance Minister Nirmala Sitharaman in a post on X said the second additional instalment this financial year is supported by stronger economic activity and buoyant tax collections.
“The release will help States accelerate infrastructure development, finance welfare programmes and provide further momentum to economic growth across India,” Sitharaman added.
This is in addition to the regular monthly devolution and the second additional instalment this financial year.
The Union government released tax devolution of Rs 1,09,019 crore to state governments, the finance ministry said in a statement.
“This release is in view of the upcoming festive season and to enable states to accelerate capital spending, and also to finance their development/welfare related expenditure,” the ministry said.
Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year.
(PTI News)
