The Center on Friday (December 22) cleared the release of tax devolution of Rs 72,961.21 crore ahead of the upcoming festivities and New Year. The Union Finance Ministry said in a statement that the Center was releasing funds for strengthening the hands of state governments to finance various welfare measures and infrastructure development programs.
This installment is in addition to the tax devolution installment due to states on January 10, 2024, and the installment of Rs 72,961.21 crore already released on December 11, 2023.
Currently, 41 per cent of the taxes collected by the Center are distributed in 14 installments among states in a fiscal year.
