In line with the Centre’s commitment to strengthen the respective state governments, so as to accelerate their capital and developmental expenditure, Assam received another additional of tax devolution which total an amount of Rs 4446 crore.
The Union Government has authorised the release of two installments of tax devolution amounting to Rs. 1.42 lakh crore today to strengthen the hands of State Governments for financing various social welfare measures and infrastructure development schemes.
This release is in addition to the tax devolution of an instalment of Rs. 71,061 crore already made on 12 February 2024. With this release, States have received total of three installments of tax devolution in February 2024.
tax devolution as per Article 280 (3) (a) of the Constitution of India is one of key responsibilities of the finance committee for distributing the net tax proceeds among the Centre and the states.
Tax devolution is the distribution between the Union and states of the net proceeds of taxes. • The releases of states’ share (tax devolution) is as per the accepted recommendations of the Finance Commission for its award period.
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