Centre releases states Rs 1.09 lakh cr festive boost

The Union government released tax devolution of Rs 1,09,019 crore to state governments, the finance ministry said in a statement.

New Delhi: The Centre on Saturday released additional instalment of tax devolution to state governments totalling over Rs 1.09 lakh crore.

This is in addition to the regular monthly devolution and the second additional instalment this financial year.

The Union government released tax devolution of Rs 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.

This is in addition to the regular monthly devolution and the second additional instalment this financial year.

The Union government released tax devolution of Rs 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.