Centre releases Rs. 95,082-cr tax devolution to States

New Delhi: The government on Thursday released a total of Rs95,082 crore to states with an advance instalment of tax devolution amounting to Rs47,541 crore. This is almost double their respective entitlement during the month of January.

Poll bound states of Uttar Pradesh will receive Rs17,056.66 crore, Uttarakhand Rs1,063.02 crore, Punjab will receive Rs1,718.16 crore and Goa is going to get Rs367.02 crore along with all other states.

The Government of India had released the first advance instalment of tax devolution amounting to Rs47,541 crore to states on November 22, 2021. With the release of the second advance instalment, the states would receive an additional amount of Rs90,082 crore under tax devolution over and above what has been budgeted to be released till January 2022.

The government has already released back-to-back loan amounting to Rs1.59 lakh crore to state governments in lieu of GST Compensation shortfall in FY 2021-22.