FinMin sanctions Rs 92,077 cr to states as devolution of central taxes
PTI, May 21, 2020, 8:58 PM IST
New Delhi: The government on Thursday said it has released Rs 92,077 crore towards devolution of central taxes to states for April and May.
In a tweet, the Office of Finance Minister Nirmala Sitharaman said, “GoI has released a total amount of Rs 92,077 crore, as state’s share in the devolution of central taxes and duties for the months of April and May 2020.”
The devolution amount for April stood at Rs 46,038.10 crore, while for May, it is Rs 46,038.70 crore.
The tweet said that these releases are according to projections of receipts in Budget Estimate 2020-21 and have not been adjusted for the actual tax collections, impacting the Centre’s cash balances.
“This is a special gesture to ensure that the states’ cash flows remain undisturbed at this crucial time,” it added.
The Budget had projected the share of the states in taxes at Rs 7.84 trillion for 2020-21.
The 15th Finance Commission had recommended the share of states at 41 per cent of the divisible pool and 1 per cent for the newly-created Union Territories of Jammu and Kashmir, and Ladakh.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
RBI announces MPC schedule for FY25, first rates decision on April 5
Seven out of ten Indian shoppers say they would happily receive product deliveries without additional packaging
Renault Nissan to launch four new products, expand product portfolio
Sensex, Nifty rebound on heavy buying in Reliance Industries, HDFC Bank
IndiGo to fly more international routes, destinations; aims doubling size by 2030: CEO Pieter Elbers
MUST WATCH
Latest Additions
What court said as it extended Kejriwal’s ED custody till April 1
ED wants AAP’s LS poll strategy details from Kejriwal’s phone: Atishi
Last 3 days I was in bed, I was on painkillers: Parag
Attempt made to impersonate top CISF official; case registered
Mukhtar Ansari was subjected to slow poisoning in jail: Son