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The release of back-to-back loans amounting to Rs. 1.59 lakh crore to state governments in lieu of GST Compensation shortfall in FY 2021-22 was completed by the end of October 2021.
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Union Finance Minister Nirmala Sitharaman has authorised the release of an advance installment of tax devolution to state governments amounting to Rs. 47,541 crore, on Thursday.
The Finance Ministry in a statement said that this is in addition to the regular devolution for the month of January 2022, also being released on Thursday.
Thus, states would receive a total of Rs. 95,082 crore or double their respective entitlement during the month of January 2022, according to the ministry.
Also, the centre had released the first advance instalment of tax devolution amounting to Rs. 47,541 crore to states on November 22, 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, the ministry added.
The release of back-to-back loans amounting to Rs. 1.59 lakh crore to state governments in lieu of GST Compensation shortfall in FY 2021-22 was completed by the end of October 2021.