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Business EconomyPosted at: Aug 10 2022 6:00PM


Centre frontloads tax devolution to states, releases Rs 1.16 lakh crore

New Delhi, Aug 10 (UNI) Helping states to step up capital spending, the Finance Ministry on Wednesday said it has released two instalments of tax devolution to state governments amounting to Rs 1,16,665.75 crore as against normal monthly devolution of Rs 58,332.86 crore.
"This is in line with the commitment of Government of India to strengthen the hands of States to accelerate their capital and developmental expenditure," the Finance Ministry said in its statement.
As per research and rating firm ICRA, the central tax devolution would go up to Rs 9.3 lakh crore in FY2023, overshooting the FY2023 Budget Estimates, led by an expected upside in non-excise tax revenues.
"The assessed amount released so far works out to 34% of our estimate for tax devolution for FY2023, and a sizeable growth of 49 per cent over the corresponding period of FY2022," ICRA Chief Economist Aditi Nayar said.
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Tags: #Centre frontloads tax devolution to states# releases Rs 1.16 lakh crore
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