The government on Thursday released a total of Rs 95,082 crore to states with an advance instalment of tax devolution amounting to Rs 47,541 crore. This is almost double their respective entitlement during the month of January.

Poll bound states of Uttar Pradesh will receive Rs 17,056.66 crore, Uttarakhand Rs 1,063.02 crore, Punjab will receive Rs 1,718.16 crore and Goa is going to get Rs 367.02 crore along with all other states.

The Government of India 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 instalment, the states would receive 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 government has already released back-to-back loan amounting to Rs 1.59 lakh crore to state governments in lieu of GST Compensation shortfall in FY 2021-22.

Also Read | Union Budget 2022: Tax rebates in Budget for realty vital for salaried class

Latest Business News