Thursday, October 6, 2022

Tax devolution installment: Nagaland gets Rs.663.82 cr

Spl. Correspondent

Centre has released two instalments of tax devolution to state governments amounting to Rs 1,16,665.75 crore as against normal monthly devolution of Rs. 58,332.86 crore. As per the state-wise breakup of amounts released, Nagaland received Rs. 663.82 crore.
According to the Ministry of Finance, this release was in line with the commitment of Government of India to strengthen the hands of States to accelerate their capital and developmental expenditure. The Centre had released Rs 8.8 lakh crore to the states in 2021-22, up from Rs 7.4 lakh crore in 2020-21 and more than Rs 6.7 lakh crore budgeted for the year. Nearly half of the Rs 8.8 lakh crore in 2021-22 was released in fourth quarter. After releasing Rs 2.4 lakh crore in February 2022, it released Rs 95,100 crore in March-end.
Earlier this month, the Ministry of Finance released the third monthly instalment of Post Devolution Revenue Deficit (PDRD) Grant of Rs 7,183.42 crore to 14 states.