tax devolution

Two tax devolution installments worth Rs 1.16 lakh crore cleared

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Two tax devolution installments worth Rs 1.16 lakh crore cleared

The Centre Thursday released two installments of tax devolution to states worth ?1.16 lakh crore. This is more than the normal monthly devolution of Rs 58,333 crore. The release of two installments is in line with Centre’s commitment to push developmental and capital expenditure by states, the finance ministry said. Source link

States revenue loss from tax cuts on fuel to be lower than tax devolution in FY 22

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States revenue loss from tax cuts on fuel to be lower than tax devolution in FY 22

States are expected to lose revenue of around Rs 44,000 crore from the reduction in value-added tax on petrol and diesel and a cut in excise duty by the Centre, but gains from the more-than-budgeted tax devolution are likely to be relatively higher at Rs 60,000 crore, according to estimates by ratings firm . However, … Read more