Centre releases addl instalment of tax devolution of ₹1.09 trn to states | Economy & Policy News

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.

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