State receives Rs 340 cr tax devolution advance
Source: Chronicle News Service
Imphal, January 20 2022:
With the release of funds for tax and duty for the month of January by the finance ministry, Manipur received a total of Rs 680 crore, of which Rs 340 crore is for regular monthly instalment for January and another Rs 340 for advance instalment of tax devolution in January.
Union Minister for Finance & Corporate Affairs Nirmala Sitharaman authorised the release of an advance instalment of tax devolution to state governments amounting to Rs 47,541 crore.
This is in addition to the regular devolution for the month of January 2022, also being released on Thursday.
Thus, states would receive a total of Rs 95,082 crore or double their respective entitlement during the month of January 2022 .
It may be mentioned that the government of India had released the first advance instalment of tax devolution amounting to Rs 47,541 crore to states on November 22, 2021.With the release of the second advance instalment on Thursday, the states would have received an additional amount of Rs 90,082 crore under tax devolution over and above what has been budgeted to be released till January, 2022.It may be noted that release from government of India of the back-to-back loan amounting to Rs 1.59 lakh crore to state governments in lieu of GST Compensation shortfall in FY 2021-22 was completed by the end of October 2021 .
This is in line with the commitment of government of India to strengthen the hands of states to accelerate their capital and developmental expenditure to ameliorate the deleterious effects of COVID-19 pandemic.