The centre on Thursday announced the release of an extra installment of monthly tax devolution for January, the second such release in FY22.
This is intended to strengthen the hands of states to accelerate their capital and developmental expenditure and ameliorate the adverse effects of Covid-19 pandemic.
For January, finance minister Nirmala Sitharaman authorised release of two installments of tax devolution amounting to ₹95,082 crore against the monthly devolution of ₹47,541 crore required as per the Budget estimate (BE). In November 2021 also, the government had devolved two installments totaling ₹95,082 crore to states.
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