Telangana to get Rs 1,998 crore from Centre towards tax devolution
Hyderabad: Telangana will receive Rs 1,998.62 crore from the Centre towards tax devolution for the month of November. The funds are being released by the Union government as part of two instalments of tax devolution to States totalling to Rs 95,082 crore, as a step towards boosting investment in infrastructure sector.
The two instalments were released against the normal monthly devolution of Rs 47,541 crore, released by the Union Finance Ministry to the States. These instalments were released on Monday as was decided in a meeting of the Chief Ministers and the Finance Ministers, chaired by Union Finance Minister Nirmala Sitharaman on November 15.
The additional instalment of tax devolution is being released to help the States to focus on infrastructure spending and help them meet their capital expenditure targets for the current financial year. The decision to release the funds was taken after receiving requests from States for ‘front loading’ of tax devolution funds, as it was an exceptional year.
Out of 28 States, Uttar Pradesh received the highest devolution amount of Rs 17,056 crore, followed by Bihar (Rs 9,563 crore), Madhya Pradesh (Rs 7,463 crore), West Bengal (Rs 7,152 crore) and Rajasthan (Rs 5,729 crore).
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