This will help state governments fund various social welfare programs and infrastructure development initiatives...
Digital Desk: The Union Government has approved the release of an additional installment of tax devolution totaling Rs 72,961.21 crore in light of the upcoming holidays and the New Year. This will help state governments fund various social welfare programs and infrastructure development initiatives.
With an additional installment of Rs 2282.24 crore, Assam is the northeastern state that has the largest amount of tax devolution funding. Conversely, Sikkim has received the lowest rating.
It should be noted that of the states in the northeast, Arunachal Pradesh got Rs 1281.93, Manipur got Rs 522.41, Meghalaya got Rs 559.61, Mizoram got Rs 364.80, Nagaland got Rs 415.15, Sikkim got Rs 283.10, and Tripura got Rs 516.56.
This amount is in addition to the installment of Rs 72,961.21 crore that was already released on December 11, 2023, and the tax devolution installment that is due to the States on January 10, 2024.
This latest installment is on top of the tax devolution installment that was already issued on December 11, 2023, and the installment that is due to the States on January 10, 2024.
The central government has already given states early payment for devolution. In June of this year, an advance payment was made available to states in addition to the normal installment. This allowed the states to expedite capital expenditures, finance development and welfare-related expenses, and allocate funds for projects or programs that were deemed priorities.
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