Centre releases Rs1,18,280-cr tax devolution to States

New Delhi The Centre on Monday released the third installment of tax devolution to States amounting to Rs1,18,280 crore, as against normal monthly devolution of Rs59,140 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 and welfare related expenditure and also to make available resources for priority projects and schemes, official sources said. Uttar Pradesh and Bihar received the maximum installment of Rs21,218 crore and Rs11,897 crore respectively.