(Image Courtesy: Ministry of Finance @FinMinIndia/Twitter)
Dimapur, May 20 (MExN): Nagaland will get an amount of Rs 263.80 crore as the May instalment of Devolution of States’ Share in Central Taxes & Duties.
The amount was part of Rs 46,038 crore sanctioned to 28 states by the Finance Ministry on May 20 for the purpose.
“Finance Ministry has issued sanction orders for Rs 46,038.70 cr today for the May instalment of Devolution of States’ Share in Central Taxes & Duties,” the Ministry stated in a tweet.
The Ministry further informed in the tweet that the releases on Wednesday, similar to those in April “have been calculated based on tax receipts projected in Budget 2020-21 & not as per actuals.”
The Government of India’s prime objective “has been protecting States Revenues and meeting their liquidity requirements” in their fight against COVID-19 global pandemic, it added.
In April, Nagaland received a similar amount of Rs 263.80 crore as the April instalment of its share in central taxes and duties on April 20. The Ministry of Finance then issued sanctions for April instalment of Devolution of States' Share in Central Taxes and Duties amounting to Rs 46,038.10 crore.
On May 11, the centre also released Rs 6,195.08 crore to 14 states as the second equated monthly installment of the Post Devolution Revenue Deficit Grant as recommended by the 15th Finance Commission. Out of the total overall total, Nagaland’s share was Rs 32641.66 lakh (or Rs 326.41 crore).
