The Business Bytes
TBB BUREAU
NEW DELHI, JUNE 12, 2023
The Centre has released Rs 1,18,280 crore as the third instalment of tax devolution to States in June, as against normal monthly devolution of Rs 59,140 crore.
”The Union Government has released 3rd instalment of tax devolution to State Governments amounting to Rs 1,18,280 crore on 12th June 2023, as against normal monthly devolution of Rs 59,140 crore,” the ministry said in a statement.
One advance instalment, in addition to the regular instalment 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, the Finance Ministry said on Monday.
