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Centre sanctions RS 4603870 crore as states share in taxes for may

The finance ministry on Monday said that it has sanctioned Rs 46,038.70 crore for May installment of the devolution of states’ share in central taxes and also duties. As the ministry said in a tweet – “These releases, similar to April releases, have been calculated based on tax receipts projected in Budget 2020-21 & not as per actuals,”. It also added that the govt. of India’s prime objective has been protecting the state’s revenues and also meeting their liquidity requirements in their fight against the COVID-19 pandemic situation.

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The Budget projected the share of the states in taxes at about Rs 7.84 lakh crore for 2020-2021. The 15th Finance Commission had recommended the share of states at 41 percent of the divisible pool and 1 per cent for the newly-created union territories of Jammu and Kashmir, and Ladakh.

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The 14th Finance Commission had recommended the states be given a 42 percent share in taxes. “Finance Ministry has issued sanction orders for Rs 46,038.70 cr today for the May installment of Devolution of States’ Share in Central Taxes & Duties,” the ministry said in another tweet.

As according to the state-wise break up of devolution, around Rs 1,892.64 crore issued to Andhra Pradesh, around Rs 1,441.48 crore to Assam, around Rs 1,564.4 crore to Gujarat, Rs 3,461.65 crore to West Bengal, Rs 8,255.19 crore to Uttar Pradesh, Rs 894.53 crore to Kerala and also Rs 4,631.96 crore to Bihar.

 

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