Centre releases two tax devolution instalments of Rs 1,16,665 crore to states

The Centre on Thursday released two instalments of tax devolution to state governments amounting to Rs 1,16,665 crore as against the normal monthly devolution of Rs 58,333 crore.

This is in line with the commitment of Government of India to strengthen the hands of states to accelerate their capital and developmental expenditure, an official statement said.

Tax devolution is one of the core tasks of the 15th Finance Commission constituted under Article 280 (3) of the Constitution.

The commission makes recommendations regarding the distribution of net proceeds of taxes between the Union and the states.

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