NEW DELHI, Feb 20:
As much as Rs 4.12 lakh crore has been released to states by way of tax devolution so far this fiscal and more funds will be given in three installments till March-end, Government said today.
The Centre accepted the recommendations of the 14th Finance Commission (FFC) under which there was “a phenomenal increase in the tax devolution to the states due to increase of share in the divisible pool of taxes from 32 per cent to 42 per cent,” Finance Secretary Ratan P Watal said in a statement.
As per its commitment in the Union Budget for 2015-16, the Ministry of Finance made a provision of Rs 5.24 lakh crore under devolution of taxes to states as compared to the allocation of Rs 3.38 lakh crore in 2014-15 (RE).(PTI)
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