Centre releases tax devolution instalment of Rs 1,18,280 cr to states

The Centre on Monday released the third instalment of tax devolution. To states amounting to Rs 1,18,280 crore, as against normal monthly devolution of Rs 59,140 crore.

One advance instalment in addition to the regular instalment due in June 2023 is being released to states to enable them to speed up capital spending, finance their development and welfare related expenditure and also to make available resources for priority projects and schemes, official sources said.

Uttar Pradesh and Bihar received the maximum instalment of Rs 21,218 crore and Rs 11,897 crore respectively.

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