Center releases two installments of ₹ 1.16 lakh crore to states for their share in central taxes

Center Releases Two Installations: The Central Government has released two installments of Rs 1.16 lakh crore to the states as their share in central taxes. This will help the states to increase their capital expenditure.

Ministry gave information on Twitter

The Union Finance Ministry has given information about this on Twitter.

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Two installations of tax devolution to State Governments amounting to Rs. 1,16,665 crore released today

This is in line with commitment of GoI to strengthen the hands of States to accelerate their capital and developmental expenditure

Read more ️ https://t.co/WsmdocvBWN pic.twitter.com/KhvQzkj43o

— Ministry of Finance (@FinMinIndia) November 10, 2022

The Finance Ministry said that, “The central government has released two installments of Rs 1,16,665 crore to the state governments as their share in central taxes. Normally, monthly installments of Rs 58,333 crore are released to the states.

41 percent share given to the states in 14 installments
The Union Finance Ministry said in a statement that this will help the states in spending on their capital and development works. At present, 41 percent of the tax collected by the Center in a financial year is given to the states in 14 installments.

UP and Bihar sent maximum money
Let us tell you that as their share in central taxes, Uttar Pradesh has released the highest installment of Rs 20929 crore and second number to Bihar is Rs 11,734 crore.

Money sent from the center to the states for November, see this way

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