Source: Ministry of Finance, Government of India
New Delhi, January 20 (MExN): The Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman on January 20 authorised the release of an advance installment of tax devolution to State Governments amounting to Rs. 47,541 crore on January.
This is in addition to the regular devolution of Rs 47,541.00 for the month of January 2022, also being released on Thursday, informed an official release from the Ministry via PIB.
Accordingly, 28 States would receive a total of Rs. 95,082 crore or double their respective entitlement of proceeds of Union Taxes & Duties during the month of January 2022, it said.
The data appended by the Ministry informed that Nagaland received a total of Rs 541.02 crore with Rs 270.51 crore as regular and another Rs 270.51 crore as advance installment proceeds of Union Taxes and Duties to States.
The release further noted that the Government of India had released the first advance instalment of tax devolution amounting to Rs. 47,541 crore to States on 22nd November 2021.
With the release of the second advance installment today, 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 added.
The Ministry further informed that the union government has already released back-to-back loan amounting to Rs 1.59 lakh crore to state governments in lieu of GST Compensation shortfall in FY 2021-22.
This is 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, it added.
