Business EconomPosted at: Nov 23 2021 4:07PM

Centre releases Rs 95,082 crore to states as part of tax devolution

New Delhi, Nov 23 (UNI) Close on the heels of finance minister Nirmala Sitharaman's meeting with states to accelerate growth and investment, the Centre on Tuesday released two installments of tax devolution to state governments amounting to Rs 95,082 crore.
The transfer of tax devolution to states is expected to strengthen their fiscal position and boost capital expenditure.
As per the break-up of amounts released to states, poll-bound Uttar Pradesh has received the highest devolution amount of Rs 17,056.66 followed by Bihar at Rs 9,563 crore.
While Madhya Pradesh has got its share of Rs 7,464 crore, West Bengal has been transferred an amount of Rs 7,153 crore.
Another major state Maharashtra has received Rs 6,006 crore as part of tax devolution.
FM Sitharaman had earlier said that additional installment of tax devolution to states would be released to ensure states have money in their hands to help build infrastructure.
As per official data, capital expenditure of 20 states between April-September 2021 shows 79% increase over previous (pandemic) year 2020-21 and 23% higher than pre-pandemic year 2019-20.

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