Assam: Centre release two instalments of tax devolution amounting to Rs 3649 crore

The Union Government has released two instalments of tax devolution to State Governments amounting to Rs. 1,16,665 crore, as against the normal monthly devolution of Rs 58,333 crore.

Notably, with this, the state of Assam received an amount of Rs 3649 crores from the Centre. 

This is in line with the commitment of the Government of India to strengthen the hands of States to accelerate their capital and developmental expenditure.

Taking to his Twitter handle Assam Chief Minister Himanta Biswa Sarma wrote, "Grateful to Adarniya PM Shri @narendramodi ji and Hon’ble Union FM Smt @nsitharaman ji for releasing additional instalment of tax devolution. This additional sum will help cater to the requirements of various sectors, boost our capital expenditure and help in our resource planning."

Grateful to Adarniya PM Shri @narendramodi ji and Hon’ble Union FM Smt @nsitharaman ji for releasing additional instalment of tax devolution.This additional sum will help cater to the requirements of various sectors,boost our capital expenditure and help in our resource planning. https://t.co/LuYxtB6Alc

— Himanta Biswa Sarma (@himantabiswa) November 11, 2022

This is in line with the commitment of the Government of India to strengthen the hands of States to accelerate their capital and developmental expenditure.

What is Tax Devolution?

Tax Devolution is to make recommendations for distributing the net proceeds of taxes between the Union and the states. It is one of the key responsibilities of a finance committee according to Article 280 (3) (a) of the Constitution.