The federal government has launched the 14th instalment of tax devolution of greater than Rs 1.40 lakh crore to states.
“The Union Authorities has launched 14th instalment of tax devolution to state governments amounting to Rs 1,40,318 crore right this moment, as in opposition to regular month-to-month devolution of Rs 70,159 crore,” the finance ministry mentioned in a press release on Friday.
That is according to the dedication of the Union authorities to strengthen the arms of states to speed up their capital and developmental expenditure, it added.
Presently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments to states throughout a fiscal yr.
(Apart from the headline, this story has not been edited by NDTV employees and is revealed from a syndicated feed.)
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