Guwahati: Union Minister for Finance & Corporate Affairs Nirmala Sitharaman on Thursday has authorized the release of an advance installment of tax devolution to State Governments amounting to Rs. 47,541 crores.
This is in addition to the regular devolution for the month of January 2022, also being released today.
States would receive a total of Rs. 95,082 crore or double their respective entitlement during the month of January 2022. State-wise break-up of the amounts being released is appended.
However, it is pertinent to mention that the Government of India had released the first advance instalment of tax devolution amounting to Rs. 47,541 crores to States on 22nd November 2021. With the release of the second advance installment today, the States would have received an additional amount of Rs. 90,082 crores under tax devolution over and above what has been budgeted to be released till January, 2022.
It also needs to be noted that release from Government of India of the back-to-back loan amounting to Rs. 1.59 lakh crore to State Governments in lieu of GST Compensation shortfall in FY 2021-22 was completed by the end of October 2021.
This is in line with the commitment of Government of India to strengthen the hands of States to accelerate their capital and developmental expenditure to ameliorate the deleterious effects of CoVID-19 pandemic.
Sharing the news on Twitter, Ministry of Finance wrote, Union FM Smt.@nsitharaman authorises release of #AdvanceInstallment of #TaxDevolution to State Governments amounting to Rs. 47,541 crore State receive a total of Rs. 95,082 crore during January 2022 Read more https://pib.gov.in/PressReleasePage.aspx?PRID=1791166… (1/4)
Union FM Smt. @nsitharaman authorises release of #AdvanceInstallment of #TaxDevolution to State Governments amounting to Rs. 47,541 crore
✅ States receive a total of Rs. 95,082 crore during January 2022
Read more ➡️ https://t.co/06RUa0bW1N
(1/4) pic.twitter.com/qZEHvC7uzW— Ministry of Finance (@FinMinIndia) January 20, 2022