Assam Receives Tax Devolution Amounting To Rs. 3649 Crores
Union Finance Ministry on Thursday released two instalments of tax devolution for 28 states of the country, among which Assam received Rs. 3649 Crores.
GUWAHATI: In line with the Centre's commitment to strengthen the respective state governments, so as to accelerate their capital and developmental expenditure, Assam received two instalments of tax devolution which total an amount of Rs. 3649 Crores.
It may be noteworthy to mention here that the Union Ministry of Finance on Thursday released two instalments of tax devolution totalling up to Rs. 1,16,665 Crores, as against the usual monthly devolution of Rs. 58,333 crores.
In a statement released by the Finance Ministry, it said, "The Union Government has released two instalments of tax devolution to State Governments amounting to Rs. 1,16,665 crores today, as against normal monthly devolution of Rs. 58,333 crores."
As per the current system, 41% of taxes levied by the Centre is devolved among the states in as many as 14 instalments in a particular financial year.
With this recent allocation from the Centre, Assam would be receiving a sum of Rs. 3649 Crores.
Assam Chief Minister Himanta Biswa Sarma expressed his gratitude to Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman for releasing the instalment of tax devolution.
CM Sarma said in a tweet, "Grateful to Adarniya PM Shri @narendramodi ji and Hon'ble Union FM Smt @nsitharaman ji for releasing additional instalment of tax devolution."
He further added, "This additional sum will help cater to the requirements of various sectors, boost our capital expenditure and help in our resource planning."
It may be mentioned here that tax devolution as per Article 280 (3) (a) of the Constitution of India is one of key responsibilities of the finance committee for distributing the net tax proceeds among the Centre and the states.
It may be mentioned here that apart from Assam, each of the other NE states, namely Arunachal Pradesh (Rs. 2050 Crores), Manipur (Rs. 835 Crores), Meghalaya (Rs. 895 Crores), Mizoram (Rs. 583 Crores), Nagaland (Rs. 664 Crores), Sikkim (Rs. 453 Crores) and Tripura (Rs. 826 Crores) also received tax devolution instalments.
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