Government releases tax devolution of nearly 1.8 lakh crore to states

NEW DELHI: Ahead of the festive season, the Centre on Thursday released tax devolution of nearly Rs 1.8 lakh crore to states. This includes the normal monthly devolution of Rs 89,086.5 crore and an advance installment. “This release is in view of the upcoming festive season and to enable states to accelerate capital spending, and also finance their development or welfare related expenditure,” said a statement from the finance ministry.