Monday, December 5, 2022

Nagaland gets Rs. 664 cr tax devolution installment

Spl. Correspondent

The Centre on Thursday released two instalments of tax devolution to state governments amounting to Rs. 1,16,665 crore as against normal monthly devolution of Rs.58,333 crore.
As per the state-wise breakup of amounts released, Nagaland received Rs. 664 crore.
According to the Ministry of Finance, this was in line with the commitment of the Centre to strengthen the hands of States to accelerate their capital and developmental expenditure.
Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states in a fiscal year. Tax devolution is one of the core tasks of the 15th Finance Commission constituted under Article 280 (3) of the Constitution.

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