Tax Devolution released to state governments in two installments

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New Delhi: The Centre has released two installments of tax devolution to State governments amounting to Rs 95,082 crore as against the normal monthly devolution of Rs 47,541 crore to help them mobilize resources for stepped-up capital investment and infrastructure development.

The release is on the lines of the promise made by Finance Minister Nirmala Sitharaman after the virtual meeting with Chief Ministers, State Finance Ministers, and Lt Governors of Union Territories on November 15 where she stressed the need to step up investment, infrastructure development, and growth, and agreed to advance payment of tax devolution to States.

Of the total amount released, poll-bound Uttar Pradesh has received the maximum amount of Rs 17,056.66 crore.

Source- IANS