Government releases Rs 1,18,280 crore as 3rd installment of tax devolution to states
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The Union Government has released 3rd installment of tax devolution to State Governments amounting to Rs 1,18,280 crore on June 12, 2023, as against normal monthly devolution of Rs 59,140 crore.
One advance installment in addition to the regular installment due in June 2023 is being released to States to enable them to speed up capital spending, finance their development/ welfare related expenditure and also to make available resources for priority projects/ schemes.
As per the notification released by the Ministry of Finance, Uttar Pradesh and Bihar received the maximum installment of Rs 21,218 crore and Rs 11,897 crore respectively, followed Madhya Pradesh (Rs 9,285 crore), West Bengal (Rs 8,898 crore), Maharashtra (Rs 7,472 crore) and Rajasthan (Rs 7,128 crore).
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