The government on Thursday released two instalments of tax devolution to states totalling over Rs 1.16 lakh crore to help accelerate their capital expenditure.
"The Union Government has released two instalments of tax devolution to State Governments amounting to Rs. 1,16,665 crore today, as against normal monthly devolution of Rs. 58,333 crore," the finance ministry said in a statement.
This would help strengthen the hands of states to accelerate their capital and developmental expenditure, it added.
Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states in a fiscal year.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Featured Video Of The Day
ISRO Preps US Launch Of Advanced Satellite For Enabling In-Flight Internet
Nirmala Sitharaman On Government's Biggest Step To Increase Consumption Centre Releases Rs 1.39 Lakh Crore As Tax Devolution To States To Boost Development Centre Authorises Release Of Rs 1.39 Lakh Crore Tax Devolution To States For June "Didn't Leave Due To Any Pressure": Kailash Gahlot On Switch From AAP To BJP Gujarat Medical Student, Made To Stand For Hours, Dies. 15 Seniors Blamed Explained: Why Saudi Arabia Executed Over 100 Foreigners This Year One-Dish Restaurants Appear On Zomato, Netizens Float Conspiracy Theories Air Pollution: Can Masks Help Cut The Health Risk? 18 Andhra Girls Were Late For School Assembly, Teacher Chopped Their Hair Track Latest News Live on NDTV.com and get news updates from India and around the world.