UP receives largest share from Centre's release of additional installments of tax devolution
Dec 22, 2023
Lucknow (Uttar Pradesh) [India], December 22 : The central government on Friday authorised the release of an additional installment of tax devolution amounting to Rs 72,961.21 crore. According to the list of funds issued by the Ministry of Finance, Uttar Pradesh will receive the highest amount in its account among the states.
Uttar Pradesh will get Rs 13,088.51 crore, followed by Bihar at Rs 7,338.44 crore and West Bengal Rs 5,488.88 crore, among others. After receiving the funds, the ongoing social welfare and infrastructure development projects of the Yogi government will get a boost.
As per the statement issued by the Ministry of Finance, this amount has been released to the states to accumulate necessary funds for social welfare activities and strengthening infrastructure in view of upcoming festivals and the new year.
Notably, according to the rules, the transfer of taxes from the central pool to the states occurs in 14 installments. Eleven installments are released every month over the course of 11 months, while the remaining three installments are released in the month of March.
This latest installment is in addition to the tax devolution installment due to states on January 10, 2024, and the installment of Rs 72,961.21 crore already released on December 11, 2023, the Finance Ministry said.
Expressing gratitude, Uttar Pradesh Chief Minister Yogi Adityanath wrote on his X handle, "Heartfelt gratitude to respected Prime Minister Shri @narendramodi ji and thanks to Honorable Union Finance Minister Smt@nsitharaman ji for the additional instalment of Rs 13,088.51 crore released for the state in the tax-devolution process for the overall upliftment of Uttar Pradesh.
This amount will give new impetus and scope to the state's development and public welfare efforts."
