Centre releases ₹95,082 crore to states as instalment of tax devolution

  • On Thursday, the Finance Ministry of India released ₹95,082 crores to the states.

  • The total amount includes an advance installment of tax devolution of ₹47,541 crores which is almost double of their entitlement during the month of January.

  • "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 Finance Ministry said in a statement.

  • As per the ministry, the amount will help in strengthening the economic growth of each state and will help them to accelerate their capital and developmental expenditure to fight the COVID-19 pandemic.

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