Tax devolution released; state gets Rs 835 crore
Source: Chronicle News Service / PIB
New Delhi, November 10 2022:
The Central government has released two instalments of tax devolution to state governments amounting to Rs 1,16,665 crore, as against normal monthly devolution of Rs 58,333 crore, on Thursday.
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 tax devolution fund released on Thursday include Rs 835 crore for Manipur, Rs 2050 crore for Arunachal Pradesh, Rs 3649 crore for Assam, Rs 895 crore for Meghalaya, Rs 583 crore for Mizoram, Rs 664 crore for Nagaland, Rs 453 crore for Sikkim and Rs 826 crore for Tripura.
Tax devolution is one of the core tasks of the 15th Finance Commission constituted under Article 280 (3) of the Constitution.
The commission makes recommendations regarding the distribution of net proceeds of taxes between the Union and the States.
In November 2017, the President of India appointed NK Singh as the chairperson of the 15th Finance Commission.
The recommendations it make will apply to the five years from 2021-2022 through 2025-2026 .