Govt releases tax devolution of Rs 72,961 cr to states

The Centre on Tuesday authorised release of tax devolution of Rs 72,961.21 crore to states for November.

"The Union government has authorised the release of tax devolution of Re 72,961.21 crore to state governments for the month of November 2023, on 7th November instead of the usual date 10th November," the Union finance ministry said in a statement.

This will enable the state governments to make in-time releases and add to the festivities and celebrations among the people, it added.

Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year.