The government released the 14th installment of more than Rs 1.40 lakh crore in tax devolution to states on Friday.
“Today, the Union Government issued the 14th payment of tax devolution to state governments totaling Rs 1,40,318 crore, as opposed to the customary monthly devolution of Rs 70,159 crore,” the finance ministry said in a statement on Friday.
This is consistent with the Government of India’s objective to strengthen the hands of states in order to expedite capital and developmental investment, according to the statement. Of all states, Uttar Pradesh received the largest instalment of Rs 24,783 crore.
