The Centre on Saturday released additional instalment of tax devolution to state governments totalling over ₹1.09 trillion. The Union government released tax devolution of ₹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.
(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.)