Centre releases Rs 95,082-cr to states as November tax devolution, says finance ministry

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

Press Trust of India November 23, 2021 20:21:58 IST
Centre releases Rs 95,082-cr to states as November tax devolution, says finance ministry

Representational Image. News18

New Delhi: 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 crore on November 22 2021, as against normal monthly devolution of Rs 47,541 crore," the ministry said in a statement.

Currently, 41 percent 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.

Updated Date:

also read

Centre likely to approve on Wednesday bills for withdrawal of farm laws
India

Centre likely to approve on Wednesday bills for withdrawal of farm laws

Prime Minister Narendra Modi had announced on the occasion of Gurupurab that the government has decided to withdraw the farm laws in the interest of the nation

Welfare state's first responsibility to provide food to people dying of hunger, SC tells Centre on community kitchen policy
India

Welfare state's first responsibility to provide food to people dying of hunger, SC tells Centre on community kitchen policy

The PIL, filed by social activists Anun Dhawan, Ishann Dhawan, and Kunjana Singh, had also sought a direction to the Centre for creating a national food grid for people falling outside the purview of the public distribution scheme

No case of B.1.1.529 COVID-19 variant reported in India so far, say official sources
India

No case of B.1.1.529 COVID-19 variant reported in India so far, say official sources

The newly identified COVID-19 variant, B.1.1.529, is causing an increase in infections in South Africa. The World Health Organization has also called for a special meeting to discuss the new variant