FM Nirmala Sitharaman authorize release of advance installment of tax devolution to State Govts amounting to 47,541 crore rupees

Finance and Corporate Affairs Minister Nirmala Sitharaman has authorized the release of an advance installment of tax devolution to State Governments amounting to 47 thousand 541 crore rupees. This is in addition to the regular devolution for the month of January which is also being released today. Thus, States would receive more than 95 thousand crore rupees.

The Government had released the first advance installment of tax devolution amounting to 47 thousand 541 crore rupees to States in November last year. The release of funds will strengthen States to accelerate their capital and developmental expenditure to effectively tackle the effects of Covid-19 pandemic.