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Centre to release Rs 47,541 crore as advance installment of tax devolution to states Tax

Centre to release Rs 47,541 crore as advance installment of tax devolution to states

India Blooms News Service | @indiablooms | 20 Jan 2022, 08:54 pm

New Delhi/UNI: Finance Minister Nirmala Sitharaman on Thursday authorised the release of Rs 47,541 crore as an advance installment of tax devolution to states.

This is in addition to the regular devolution for the month of January 2022 and hence a total of Rs 95,082 crore would be transferred to states during this month.

"This is in line with the commitment of Government of India to strengthen the hands of states to accelerate their capital and developmental expenditure to ameliorate the deleterious effects of CoVID-19 pandemic," Finance Ministry said in a statement.

The Centre had released the first advance installment of tax devolution amounting to Rs 47,541 crore to states on 22nd November 2021.

"With the release of the second advance installment today, the states would have received an additional amount of Rs 90,082 crore under tax devolution over and above what has been budgeted to be released till January, 2022," the Ministry said.

It further noted that release from Government of India of the back-to-back loan amounting to Rs 1.59 lakh crore to state governments in lieu of GST compensation shortfall in FY 2021-22 was completed by the end of October 2021.